RENEWABLE ENERGY developer Alternergy Holdings Corp. said it raised P2 billion from its maiden issuance of fixed-rate corporate notes in the Philippine debt capital market.
The company said in a statement on Tuesday that the 1.5-year notes were oversubscribed and attracted more than 125 qualified buyers.
Alternergy said the notes received a PRS Aa Minus credit rating with a Stable Outlook from Philippine Rating Services Corp. (PhilRatings).
The notes were listed on the Philippine Dealing & Exchange Corp. on Sept. 29, the company said.
Alternergy said proceeds from the issuance will primarily be used to finance projects awarded under the government’s fourth Green Energy Auction, as well as for other corporate purposes, including the payment of existing loans.
These projects include Liberty Solar, Kalandagan Solar, Alegria Wind, and Tayabas North Wind, which have a combined potential capacity of about 762 megawatts (MW), the company said.
BDO Capital & Investment Corp. served as the sole issue manager and arranger for the transaction.
Alternergy Chairman Vincent S. Pérez, Jr. said the issuance provided additional capital for the company’s renewable energy projects.
“More than providing capital, this transaction allowed sophisticated investors to participate in our expanding Triple Play renewable portfolio,” he said.
BDO Capital President Eduardo V. Francisco said demand for the issuance exceeded the target issue size, with more than 125 qualified buyers participating.
“It also demonstrates the role our domestic capital markets can play in funding the country’s growth. We are pleased to support Alternergy as it continues to expand,” he said.
Alternergy said it currently has 119 MW of operating capacity across the Philippines and Palau.
The company expects its operating capacity to increase to about 311 MW by the end of 2026 as its 128-MW Tanay Wind and 64-MW Alabat Wind projects move toward commercial operations. Both projects were awarded under the Department of Energy’s second Green Energy Auction, it said.
At the local bourse on Tuesday, Alternergy shares rose by 1.54% to close at P0.66 apiece. — Sheldeen Joy Talavera