PSE Approves Listing of Alternergy Holdings Corporation’s Preferred Shares Subscribed by GSIS

Alternergy Holdings Corporation (PSE: ALTER), a renewable energy pioneer, has gained approval from the Philippine Stock Exchange (PSE) to list preferred shares subscribed to by the state-owned Government Service Insurance System (GSIS). The listing on the PSE Main Board will take place tomorrow, March 22, 2024, under the ticker ALTP2.

GSIS's subscription to 100,000,000 ALTER Preferred Shares 2—Series A is priced at P14.50 per share, for a total of P1.45 billion.

“We are very pleased to receive the PSE approval and its continuing support in building investor confidence. One year after ALTER’s debut at the PSE in March 2023, we are able to raise additional equity capital through GSIS as our strategic investor and the listing of these shares in the PSE,” Gerry P. Magbanua, president of Alternergy said. “The partnership with GSIS is an alignment of our shared commitment to sustainability and nation building through renewable energy investments,” he added.
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As reported in November 2023 upon the signing of the deal with GSIS, the proceeds will allow Alternergy to immediately begin development of the Tanay and Alabat Wind Power Projects, which were awarded in the government's Green Energy Auction 2 (GEA 2) Program.
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Alternergy reported earlier this week that it is ready to issue the Notice to Proceed to Construction by April, after the completion and signature of commercial contracts, including the wind turbine supply agreement and the balance of plant engineering, procurement, and construction contracts. Under GEA 2, Alternergy is committed to completing the Alabat and Tanay Wind Power Projects by the end of 2025.

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