Alternergy Holdings Corporation listed its shares on the Philippine Stock Exchange (PSE) making it the first company to debut on the stock market this year.
The renewable energy (RE) firm raised Php 1.62 billion from its IPO. The amount will be used by the company to finance the development and construction of its Solana Solar and Lamut Hydro projects and for pre-development expenses of its various pipeline projects. ALTER will also use the funds to pay for accrued liabilities, for general corporate requirements, and as working capital to operationalize Retail Electricity Supply.
In his welcome remarks, PSE President and CEO Ramon S. Monzon cited its notable pipeline of RE developments, spanning solar, hydro, and wind projects. “Once fully operational, the assets lined up by Alternergy will contribute greatly to efforts by the private and public sectors to transition to sustainable energy sources to help curb the effects of climate change.”
Mr. Monzon also commended the company’s founders – Former Energy Secretary Vicente S. Pérez, Jr. and Messrs. Gerry P. Magbanua and Knud Hedeager – for starting Alternergy early on, making it one of the pioneers in the local RE sector. He added, “I think when you have a former Department of Energy Secretary as Chairman of a power firm, you will instinctively have confidence in the attainment of this vision and the smooth implementation of the company’s strategic initiatives.”
