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Alternergy Holdings Corp., founded by former Energy Secretary Vicente Perez, is pushing forward with a P2.2-billion initial public offering despite challenging market conditions.
“Alternergy Holdings is a renewable energy holding company with a portfolio of investee companies with wind, solar, hydro, floating solar, and battery storage power projects. It currently has 67.24 megawatts of operating assets in wind and solar, with potential installed capacity of up to 1,368 MW of renewable energy,” the Securities and Exchange Commission (SEC) said in a statement.
The SEC said on Wednesday it cleared the company’s public offering during a meeting last Nov. 8. The offer would still require the approval of the Philippine Stock Exchange.
Alternergy Holdings said proceeds would be used for the development and construction of projects, debt payment for the acquisition of Kirahon Solar Energy Corp., pre-development expenses for projects in the pipeline, and general corporate requirements.
Alternergy Holdings is selling up to 1.47 billion shares at a maximum offer price of P1.48 per share to finance the development of new projects and for debt repayment.
It earlier hired BDO Capital & Investment Corp. and Investment & Capital Corp. of the Philippines as joint issue managers and joint lead underwriters for the IPO.