Alternergy redirects IPO Funds to Rizal and Quezon wind projects

The two projects will start operations in the second quarter of 2024.

The board of directors of Alternerhy Holdings has approved the reallocation of around $1.2m (P64.86m) of its proceeds from an initial public offering to two solar power projects in the Rizal and Quezon provinces.

In a disclosure, Alternergy said over $586,000 (P33m) will be allocated to the Tanay Wind Project in Rizal, whilst around $817,000 (P46m) will go to the Alabat Wind Project in Quezon.

“The reallocation of proceeds was necessitated to support the Tanay and Alabat Projects both of which are scheduled to commence construction in Q2 2024,” it said, adding that it is needed to secure the issuance of a Notice to Proceed to the projects’ contractors.

The projects are expected to start operations by November 2025.

The amount was previously allotted to the Solana Solar Project, Ibulao Mini Hydro Project, Calavite and Tablas Strait Offshore Wind Projects, and for the working capital for retail electricity supplier Green Energy Supply Solutions.

$1 = P56.27