Alternergy Holdings Corporation Disposes its Common shares in Olympia Solar Power Corporation

Alternergy Holdings Corporation (ALTER) disposes of its Common shares held in Olympia Solar Power Corporation (OSPC) in favor of Alternergy Solar Holdings Corporation (ASHCo).

In a meeting on 25 September 2024, the Board of Directors of Alternergy Holdings Corporation (ALTER) approved the disposition of its Common shares held in special purpose vehicle Olympia Solar Power Corporation (OSPC) in favor of Alternergy Solar Holdings Corporation (ASHCo), which company ALTER intends to fully-own and be the intermediate holding company for its solar energy portfolio.

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 structure already implemented for ALTER's wind and hydro groups.

The terms and conditions of the transaction

Number of shares to be acquired or disposed: 74,999
Percentage to the total outstanding shares of the company subject of the transaction: 74.99%
​Price per share: Php 1.33
Nature and amount of consideration given or received: Php99,748.67 in cash

OSPC is a corporation engaged in electric power generation, transmission and distribution for the sale of electricity to end users, incorporated on 25 November 2022 and tapped to develop a solar project in Sultan Kudarat.

​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.