LISTED renewable energy firm Alternergy Holdings Corp. has tapped two financial advisors for its next capital-raising initiative, aiming to support the rollout of its 500-megawatt (MW) capacity target.
Alternergy has appointed AlphaPrimus Advisors and Astris Finance to advise on various options for the company’s capital-raising framework, the company said in a media release on Monday.
“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 a strong track record of successfully closing M&A (mergers and acquisitions) deals both locally and internationally,” said Gerry P. Magbanua, president of Alternergy.
AlphaPrimus is an M&A and debt advisor in the Philippines, with the team having already advised on close to 80 transactions worth more than $37 billion, inclusive of previous assignments.
Astris Finance, on the other hand, is a global transaction advisory firm focused on “providing a full suite of investment banking services in connection with energy transition projects,” with $60 billion worth of transactions completed worldwide.
Alternergy is planning a new capital-raising initiative following the P20-billion funding it raised “in just 15 months since its public listing in March 2023.”
Mr. Magbanua said last year that the company planned to allocate P15 billion to fund the capital requirements of its projects, which have a combined capacity of at least 190 megawatts (MW).
The company aims to develop up to 500 MW of additional wind, solar, and run-of-river hydro projects by 2026. At the local bourse on Monday, shares in the company declined by 0.84% to close at P1.18 apiece. — Sheldeen Joy Talavera
