Renewable energy developer Alternergy plans to begin construction on a solar farm in Bataan and hydro project in Ifugao using part of its initial public offering proceeds.
MANILA, Philippines – Local renewable energy company Alternergy Holdings is setting its sights on completing solar, wind, and hydro energy projects in the next five years, using the P1.61 billion in capital that it raised during its recentThe company debuted on the Philippine Stock Exchange on Friday, March 24, as the first company to go public in 2023. It offered 1.150 billion primary shares and 115 million overallotment shares, representing 32.
Pérez said the IPO has also paved the way for other capital raising activities, such as green bonds. He hinted that green bonds could be used for future financing requirements of projects in the next three to five years.Bolstered by the proceeds from its IPO, Alternergy will begin construction on its two shovel-ready projects in the coming months.
Aside from its current pipeline, Alternergy is also considering bringing lessons learned from developing its solar farm in the Pacific island nation of Palau to the Philippines.
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