The renewable energy firm, led by chair Vicente Perez Jr. and president Gerry Magbanua, is consolidating its land assets by acquiring Triple Play Land Corp. (3PLCo) to manage land for its renewable energy projects.
Management’s view
“3PLCo eventually can be used as a platform by ALTER to transform it into a future REIT (real estate investment trust) play to raise additional capital for the group,” Magbanua said on Thursday.
“3PLCo will be unique due to its diverse holdings of complementary renewable power assets,” he added.
Last month, Magbanua said they were planning to raise about P15 billion to assemble a 500-megawatt power portfolio by 2026.
Other benefits
Consolidating land assets will also streamline land ownership for ALTER’s wind, solar, and hydro power sites. ALTER also completed its purchase of Alternergy Solar Holdings Corp. (ASHC), giving it full control over its solar projects.
The company is also restructuring by organizing its renewable energy assets into specialized units, with ASHC handling solar, similar to its wind and hydro subsidiaries.
