Renewable energy developer eyes wider investor base with new preferred shares

Alternergy Holdings Corp. announced that its shareholders have approved the reclassification of 500 million common shares into new perpetual preferred shares, paving the way for the company’s next round of capital raising.

The shares will be divided into five new series—D, E, F, G, and H—each with 100 million non-voting perpetual preferred shares carrying a par value of P0.10 per share. These will have the same features as the company’s existing perpetual preferred shares 2, Series A, B, and C.

Alternergy president Gerry Magbanua said the move anticipates future fundraising for upcoming renewable energy ventures. “The reclassification of ALTER’s new series of perpetual preferred shares is in anticipation of our next capital raising exercise to fund our next round of renewable projects,” Magbanua said. He added that the Green Perpetual Preferred Shares Program would enable the company to tap both retail and institutional investors.

The capital will support Alternergy’s Triple Play Portfolio, which includes wind, solar, and run-of-river hydro projects. In the past year ending June 2025, the company has raised P9 billion to accelerate construction of four renewable facilities: the 4.6-MW Dupinga hydro, 28-MW Solana Balsik solar, 64-MW Alabat wind, and 128-MW Tanay Rizal wind projects.

All four projects are expected to begin operations between late 2025 and early 2026. The company said these developments will keep it on track to reach its target of 500 MW in installed renewable capacity by 2026.