Alternergy Holdings expects to raise PHP2 billion from IPO round in the Philippines

Alternergy Holdings Corporation expects to raise about PHP1.89 billion in proceeds from its initial public offering (IPO) in the Philippines to fund its renewable energy (RE) projects. A registration statement has been submitted with the Securities and Exchange Commission (SEC).

The company will offer up to 1,281,430,000 primary common shares at the rate of PHP1.48 apiece, with an overallotment option of up to 192,220,000 common shares.

Proceeds will be used to finance the development of the Solana Solar and Lamut Hydro projects as well as the pre-development stage of the upcoming projects including Ibulao Hydro project, Tanay Wind project, Alabat Wind project, and Calavite Offshore Wind project. The funds will also be used to finance the acquisition of Philippines-based Kirahon Solar Energy Corporation, a solar power generation business.