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June 19, 2024

GSIS fuels green energy push with P1.45 Billion investment in Alternergy Holdings Corp.

The Government Service Insurance System (GSIS) has infused P1.45 billion into Alternergy Holdings Corp. through a private placement of Perpetual Preferred Shares 2 Series A.

As a cornerstone investor, GSIS aims to support Alternergy’s wind, solar, and hydropower projects, aligning with the Philippines’ National Renewable Energy Program.

Wick Veloso, GSIS president, emphasized the investment’s dual purpose: contributing to the nation’s green energy goals and establishing a foundation for stable returns.

Alternergy’s chairman, Vicente Perez Jr., appreciates GSIS’s role, stating it will expedite the rollout of their Triple Play portfolio.

Meanwhile, Alternergy’s president, Gerry Magbanua, highlighted the significance of GSIS’s equity infusion following their IPO in March, further supported by the Investment & Capital Corp. of the Philippines (ICCP).

Similarly, Valentino S. Bagatsing, ICCP chairman, expressed pride in supporting Alternergy’s renewable energy initiatives.

To fund their projects, Alternergy engaged in back-to-back corporate finance activities, securing support from major banks like Bank of the Philippine Islands, Rizal Commercial Banking Corp., and Security Bank for a P12 billion project finance structure.

These funds will contribute to the Tanay and Alabat Wind Power Projects, winners under the Green Energy Auction 2 by the Department of Energy.