Alternergy Holdings Appoints Financial Advisors for its Next Capital Raising Initiative

​Renewable power pioneer Alternergy Holdings Corporation (ALTER) has appointed two financial advisors for its next capital raising initiative following a rigorous selection process.

In a disclosure to the Philippine Stock Exchange (PSE), Alternergy reported the appointment of AlphaPrimus Advisors and Astris Finance to advise on various options for Alternergy’s capital raising framework to support the roll-out of its Road to 500 MW capacity target.

The new capital raising initiative follows a successful P20 billion funding raised by Alternergy in just 15 months since its public listing in March 2023.

"We are advancing to the next phase of our capital raising program. We are excited to partner and work closely with AlphaPrimus and Astris Finance who have strong track record of successfully closing M&A deals both locally and internationally," Gerry P. Magbanua, president of Alternergy, said.

AlphaPrimus focuses on Mergers & Acquisitions advisory (buy-side or sell-side) and debt advisory. The AlphaPrimus team has advised on close to 80 transactions worth more than USD 37 billion (inclusive of their previous assignments). In the Philippines. AlphaPrimus has a strong track record in power and renewables, including advising Citicore Renewable Energy Corporation (CREC) on its recent P6.7 billion strategic partnership deal with PT Pertamina Power Indonesia, and ACEN Corporation on its P17.4 billion energy transition mechanism for the early retirement of its SLTEC coal plant. Since it commenced operations in 2018, AlphaPrimus has garnered multiple awards including being named Best M&A Adviser in the Philippines by the Asset in 2021 and 2022.

Astris Finance is a global transaction advisory firm focused on providing the full suite of investment banking services in connection with energy transition projects, with 25 years of track record and USD 60 billion worth of transactions completed worldwide. In Southeast Asia (Singapore, Vietnam, Indonesia, Thailand and the Philippines), it has successfully acted in the past three years as exclusive financial advisor on six M&A/capital raise transactions for an aggregated value of more than USD 500 million. Astris Finance regularly ranks in the top 3 in the IJ Global League Tables for Global Renewables financial advisory – and #1 for European Renewables.

Alternergy is a renewable power pioneer with a portfolio of project companies engaged in different RE projects, particularly wind, run-of-river hydro, solar farm and commercial rooftop, battery storage and offshore wind projects.

With robust expansion plans in the next two years, Alternergy aims to develop up to 500MW of additional wind, solar, and run of river hydro projects.

Alternergy’s management team is comprised of a pioneering group of RE advocates led by former energy secretary Vince Pérez, Gerry Magbanua, Knud Hedeager, Eduardo Martinez Miranda, Michael Lichtenfeld, Atty. Ina Arriola, Annette Rafael and Carmen Diaz.

Alternergy (ALTER) debuted at the Philippine Stock Exchange as the first initial public offering (IPO) in March 2023. In August 2024, ALTER has been included in the PSE Industrial Index.