The 1.5-year notes drew orders from more than 125 qualified buyers, with demand exceeding the target issue size and allowing Alternergy to shorten the marketing period.
“Our maiden issuance in the Philippine debt capital markets is an important milestone in Alternergy’s journey and reflects the strength of the platform we have built,” Alternergy chair Vincent Perez Jr. said.
From 119 MW to 311 MW
Alternergy currently operates 119 megawatts of renewable capacity in the Philippines and Palau, with that expected to reach about 311 MW by end-2026 as the 128-MW Tanay Wind and 64-MW Alabat Wind projects start commercial operations.
An even bigger pipeline is taking shape, with four wind and solar projects awarded under Green Energy Auction 4 carrying a combined potential capacity of about 762 MW.
Funding the next wave
Proceeds from the notes will mainly support those projects, while part of the money may also be used to repay existing loans.
The notes carry a PRS Aa Minus rating with a Stable Outlook from PhilRatings and were listed on the Philippine Dealing & Exchange Corp., with BDO Capital serving as sole issue manager and arranger.
The successful debut also opens another source of funding for Alternergy as it pushes deeper into wind, solar and run-of-river hydro projects.
—Edited by Miguel R. Camus
