Alternergy plans sale of P5 billion preferred shares

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February 15, 2026 | 12:00am

MANILA, Philippines — Alternergy Holdings Corp. is returning to the capital market with a planned offering of up to P5 billion in perpetual preferred shares to finance its green power projects.

In a regulatory filing, the company said the issuance is expected to be completed later this year and will be drawn from its unissued PPS2 Series B and C shares.

Alternergy’s board of directors’ has approved the issuance of up to P3 billion in green perpetual preferred shares, with an oversubscription option of up to P2 billion.

The transaction is still subject to approval by the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE).

“The public offering sets in motion Alternergy’s new round of capital raising as we roll out our next pipeline of projects,” Alternergy president Gerry Magbanua said.

The listed firm chaired by former energy secretary Vince Perez was recently awarded five projects under the government’s fourth green energy auction round.

The projects, which include floating solar, hybrid solar and wind technologies, will add up to 500 megawatts of capacity, helping Alternergy move toward its goal of reaching one gigawatt by 2030.

Alternergy is capitalizing on the milestone of becoming the first listed Philippine company to be awarded the SEC’s Green Equity Label, a distinction that could strengthen its push to attract sustainability-focused investment.

“We are confident the capital market is ready to welcome green instruments. This public offering provides retail and institutional investors with compelling opportunities while supporting sustainable nation-building,” Magbanua said.

For this latest capital-raising activity, Alternergy has tapped PNB Capital and Investment Corp. and RCBC Capital Corp. as joint issue managers, lead underwriters and bookrunners.

In the six months ending December 2025, Alternergy’s attributable earnings declined by 51.7 percent to P35.45 million from P73.43 million previously.

Notwithstanding this, Magbanua expects the company’s overall financial performance to improve further in the coming months as its major projects come online this year.

In 2023, Alternergy successfully raised P1.61 billion from its market debut on the PSE.