Alternergy Holdings Corporation Disposes its Common and Preferred Shares in Kirahon Solar Energy Corporation

Alternergy Holdings Corporation (ALTER) disposes of its Common and Preferred shares held in Kirahon Solar Energy Corporation (KSEC) in favor of Alternergy Solar Holdings Corporation (ASHCo).

In a meeting held on 25 September 2024, the Board of Directors of Alternergy Holdings Corporation (ALTER) approved the disposition of its Common and Preferred shares held in Kirahon Solar Energy Corporation (KSEC) in favor of Alternergy Solar Holdings Corporation (ASHCo), which company ALTER intends to fully-own and be the intermediate holding company for ALTER's solar project companies. The disposition of shares of stock shall be subject to necessary third party consent, including project lenders.

​Disposition of shares in favor of ASHCo will, in effect, make ASHCo the intermediate holding company for ALTER's solar energy portfolio and align with the existing structures already implemented for ALTER's wind and hydro groups.

The terms and conditions of the transaction

Number of shares to be acquired or disposed: 1,277,040
Percentage to the total outstanding shares of the company subject of the transaction: 49.97%
​Price per share: Php 5,603.89-Preferred A and B; Php 1.00-Common
Nature and amount of consideration given or received: Php99,748.67 in cash

KSEC is the project company incorporated to develop and operate the Kirahon Solar Power Project located in Villanueva, Misamis Oriental

​ASHCo is a holding corporation with a primary purpose to invest in, purchase, or otherwise acquire and own, hold, sell, assign, transfer, mortgage, pledge, exchange, or otherwise dispose of real property and personal property of every kind and description, incorporated on 16 May 2024.

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 three years, Alternergy aims to develop up to 474MW 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.