Philippine renewable energy company Alternergy Holdings Corp. plans to raise up to ₱10 billion through a five-year shelf registration programme of fixed-rate green bonds. The initial offering will comprise a ₱3 billion base offer and an oversubscription option of up to ₱1 billion, with a target listing in the first quarter of 2027. The company intends to use the proceeds to support approximately ₱26 billion in planned solar and wind energy investments, including projects awarded under the Department of Energy’s fourth Green Energy Auction. With a proposed minimum investment of ₱50,000, the offering will also give individual investors an opportunity to participate in financing renewable energy infrastructure.
Key Takeaways
- Alternergy has approved a green bond programme of up to ₱10 billion, to be issued in tranches over five years.
- The initial offering will comprise ₱3 billion, with an oversubscription option of up to ₱1 billion.
- The company is targeting a listing on the Philippine Dealing & Exchange Corp. in the first quarter of 2027.
- A proposed minimum investment of ₱50,000 will make the bonds accessible to retail investors.
- Proceeds will support the company’s planned ₱26 billion investment in solar and wind projects.
- Four banks are competing to provide project financing for three renewable energy developments.
- Alternergy aims to grow its renewable energy portfolio to 1,000MW by 2030.
Why Is Alternergy Raising ₱10 Billion Through Green Bonds?
Philippine renewable energy company Alternergy Holdings Corp. has approved plans to raise up to ₱10 billion through fixed-rate green bonds to finance its expanding solar and wind energy portfolio.
The company plans to register the bonds with the Securities and Exchange Commission (SEC), allowing it to issue them in separate tranches over five years.
The initial tranche will consist of a P3-billion base offer and an oversubscription option of up to P1 billion. Alternergy is targeting a listing on the Philippine Dealing & Exchange Corp. in the first quarter of 2027.
Importantly, the ₱10 billion represents the company’s planned borrowing capacity over five years, rather than an immediate fundraising requirement.
Chairman Vince Perez explained that the company does not intend to raise the entire amount upfront.
The initial P4 billion will help finance three renewable energy developments—two solar projects and one wind farm—awarded under the Department of Energy’s fourth Green Energy Auction.
The move also marks Alternergy’s first SEC-registered green bond offering and replaces its earlier plan to issue perpetual preferred shares, which has been deferred indefinitely.
How Will the Green Bonds Make Renewable Energy Investment Accessible to Filipinos?
One of the notable features of the proposed offering is its focus on individual investors.
Alternergy is targeting a minimum investment of ₱50,000, allowing Filipino professionals and families to participate in financing renewable energy infrastructure through fixed-income securities.
Chairman Vince Perez described the initiative as an opportunity “to allow more Filipino professionals and families to participate in the green story.”
Traditionally, large infrastructure financing exercises often involve institutional investors, development finance institutions and commercial banks. By introducing a retail-focused bond offering, Alternergy is seeking to broaden participation in the financing of renewable energy projects.
For individual investors, green bonds offer an opportunity to earn fixed-income returns while providing capital for projects with environmental objectives.
However, the proposed bonds are not yet available for investment. Final interest rates, maturities and other terms remain subject to determination and regulatory approvals.
Investors will therefore need to assess the final offering documents before deciding whether to participate.
Which Renewable Energy Projects Will the Bond Proceeds Finance?
Alternergy is planning about ₱26 billion in capital expenditure for renewable energy developments with a combined capacity of about 320 megawatts (MW).
The pipeline includes two solar projects and one wind power project awarded under the Department of Energy’s Green Energy Auction programme.
The developments include:
- Central Luzon solar projects: Solar developments, including a solar-on-stilts installation.
- Mindanao solar project: A proposed 100MW solar development paired with a battery energy storage system (BESS).
- Cebu wind project: An 80MW wind power development in Alegria, Cebu.
The solar-on-stilts project is particularly notable because it seeks to address the relationship between renewable energy development and food production.
Alternergy President Gerry Magbanua explained that the company wants to demonstrate how solar panels installed above a functioning fish farm can generate electricity while allowing fish production to continue.
He noted that “there’s always going to be this running conflict between energy supply and food security.”
The approach could offer a way to use land and water resources for both energy generation and food production, rather than treating the two activities as competing priorities.
Why Is Alternergy Combining Green Bonds With Bank Financing?
The green bond programme is only one part of the company’s financing strategy.
Alternergy is also in advanced discussions with four banks competing to provide project financing for the three renewable energy developments.
Chairman Perez indicated that approximately ₱20 billion of the projects’ estimated ₱26 billion costs would be funded through project finance, leaving around ₱6 billion to be covered through equity and other financing sources, including the initial green bond offering.
This blended financing approach allows the company to combine capital raised from retail investors with loans from financial institutions.
For renewable energy developers, this is important because solar and wind projects require substantial upfront investment in land, equipment, construction and grid connections before they begin generating electricity and revenue.
Using different financing sources can help distribute the funding requirements and support the development of several projects simultaneously.
Alternergy has also said that its earlier issuance of ₱2 billion in corporate notes in September forms part of its broader financing activities.
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How Is Alternergy Expanding Its Renewable Energy Portfolio?
Beyond the projects planned for 2027, Alternergy is advancing several developments towards full commercial operations.
Two projects have already started commercial operations:
- Balsik Solar Farm: A 28MW solar facility in Bataan, which began commercial operations in February.
- Dupinga Run-of-River Hydropower Plant: A 4.6MW hydropower facility in Nueva Ecija, which began operations in March.
Two additional wind projects have started generating commissioning revenues ahead of full commercial operations:
- Alabat Wind Farm: A 64MW project in Quezon, targeted to begin commercial operations in December 2026.
- Tanay Wind Farm: A 128MW project in Rizal, scheduled to begin commercial operations in January 2027.
The company expects its operating capacity to reach 311MW by the end of 2026 and 873MW by 2029.
Its longer-term ambition is to expand its renewable energy portfolio to 1,000 MW by 2030 under its Triple Play Portfolio strategy, which focuses on wind, solar and run-of-river hydropower.
This expansion would increase the company’s role in the Philippines’ renewable electricity market while diversifying its generation sources.
What Does the Green Bond Offering Mean for the Philippine Renewable Energy Market?
Alternergy’s planned bond programme reflects the growing role of capital markets in financing renewable energy infrastructure.
Green bonds allow companies and governments to raise money for projects with environmental objectives, providing investors with an additional way to participate in the transition towards cleaner energy.
For the Philippines, the financing is relevant as the country seeks to expand renewable electricity generation and attract more private investment into its energy sector.
The Department of Energy’s Green Energy Auction programme helps developers secure opportunities to supply renewable electricity, creating a framework around which companies can plan and finance new projects.
By combining auction-awarded developments with retail green bonds and bank financing, Alternergy is seeking to connect individual investors and institutional lenders with the country’s renewable energy expansion.
The proposed ₱50,000 entry point could also broaden public participation in infrastructure financing, although the final investment terms will determine the attractiveness and risks of the offering.
The Bigger Picture: Why Does This Matter Now?
Alternergy’s proposed ₱10 billion green bond programme highlights an important development in renewable energy financing: the effort to bring individual investors into projects traditionally funded through banks, institutional investors and corporate capital.
The company needs substantial funding to deliver its planned ₱26 billion investment programme, while its ambition to reach 1,000MW by 2030 will require continued access to capital.
The green bonds could provide one source of that financing while offering Filipino households and professionals an opportunity to participate in the country’s energy transition.
However, the success of the programme will depend on regulatory approval, final bond terms, investor demand and the company’s ability to deliver its planned projects on schedule.
Ultimately, the offering is significant not only because of the amount Alternergy hopes to raise, but also because it could create another channel through which ordinary investors participate in financing renewable energy infrastructure.
Frequently Asked Questions
1. How much does Alternergy plan to raise through green bonds?
Alternergy plans to raise up to ₱10 billion through a five-year shelf registration programme. Its initial offering will comprise a ₱3 billion base offer and an oversubscription option of up to ₱1 billion.
2. What is the minimum investment for Alternergy’s proposed green bonds?
The company is targeting a minimum investment of ₱50,000 to allow individual Filipino investors to participate. Final offering terms are yet to be announced.
3. Which projects will Alternergy finance using the green bonds?
The proceeds will help finance planned solar and wind developments awarded under the Department of Energy’s fourth Green Energy Auction, including projects in Central Luzon, Mindanao and Cebu.
4. What is Alternergy’s renewable energy capacity target for 2030?
Alternergy aims to expand its renewable energy portfolio to 1,000MW by 2030 through its Triple Play Portfolio strategy, which covers wind, solar and run-of-river hydropower.
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