Alternergy Holdings Corp. said Monday it completed the acquisition of 100 percent of the issued and outstanding capital stock of Alternergy Solar Holdings Corp. (ASHC)
Alternergy said in a disclosure to the Philippine Stock Exchange (PSE) the move is part of the restructuring of the company to organize its renewable energy technologies into separate intermediate holding companies.
ASHC will hold Alternergy’s solar energy portfolio similar to the Alternergy Wind Holdings Corp. (AWHC) for wind and Alternergy Mini Hydro Holdings Corp. (AMHHC) for hydro.
“With the creation of ASHC and ALTER’s 100-percent ownership, we expect a more vitalized solar energy portfolio for ALTER. Consolidating our assets will result to operational efficiency and more importantly it will open new markets and access to larger capital resources,” Alternergy president Gerry Magbanua said.
He said the results of the board meeting on Sept. 25, 2024 showed that ASHC would serve as the intermediate holding company of Alternergys solar energy portfolio which includes Liberty Solar Energy Corp. (LSEC), Olympia Solar Power Corp. (OSPC), Kirahon Solar Energy Corp. (KSEC) and Solar Pacific Pristine Power Inc. (SPPPI).
The sale and transfer of Alternergy’s share in KSEC and SPPPI are subject to necessary third-party consents.
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.
It aims to develop up to 500 megawatts of additional wind, solar and run-of-river hydro projects.
