ALTERNERGY Holdings Corp. is set to apply for the issuance of green corporate notes amounting to up to P4 billion as part of the listed energy company’s capital-raising activities to support its renewable power projects.
In a stock exchange disclosure on Wednesday, Alternergy said its board of directors approved the appointment of BDO Capital & Investment Corp. as its mandated lead arranger (MLA) for the fixed rate green corporate notes is-suance after a meeting on Dec. 12.
“The appointment of BDO Capital as MLA for the notes is in relation to Alternergy’s capital-raising activity for the development of the renewable power projects won by its subsidiaries under the Green Energy Auction 2 (GEA-2) program of the Department of Energy (DoE),” the company said.
“The board has authorized management to discuss and negotiate on the terms of the notes. The final terms and issuance of the notes shall be subject to the approval of the board,” it added.
On Monday, Alternergy said its subsidiary Alternergy Tanay Wind Corp. received certificates of award from the DoE for two wind power projects under the GEA-2 program. These projects are the 86-megawatt (MW) Tanay wind farm in Rizal and the 55-MW Alabat wind farm in Quezon province by the second quarter of 2024.
The GEA program is a competitive process of procuring renewable energy supply by offering capacities to qualified bidders at a set maximum or ceiling price.
According to the company, the certificates formally award the wind projects with 20-year off-take agreements with state-led National Transmission Corp. with a specific tariff.
Previously, Alternergy said it was seeking to develop up to 1,370 MW of renewable energy sources such as onshore and offshore wind, solar, and run-of-river hydropower.
Shares of Alternergy at the local bourse closed unchanged at 76 centavos on Wednesday. — Revin Mikhael D. Ochave
