Renewable power producers Alternergy Holdings Corp. (ALTER) said Thursday it remitted to state-run pension fund Government Service Insurance System (GSIS) P117.93 million representing the latter’s dividend as a perpetual preferred shareholder.
“We are very happy to announce the remittance of our first dividend payment to GSIS. This fulfills our commitment to our valued shareholder just one year after its initial investment,” Alternergy chairman Vicente Perez Jr. said.
“As ALTER’s portfolio of renewable power projects start spinning starting next year, we expect a more robust shareholder value, underscoring our dedication to meaningful and sustainable investments,” he said.
GSIS infused P1.45 billion in Alternergy last year and is listed on the PSE main board under the ticker name ALTP2.
GSIS’s equity infusion paved the way for the accelerated development of Alternergy’s Road to 500 megawatt growth target by 2026.
GSIS’s investment in Alternergy also helps fast track the government’s goal to increase renewable energy capacity share by 35 percent in 2030.
GSIS president and general manager Jose Arnulfo Veloso earlier said the agency’s growing commitment to sustainability “propels us to build a solid investment portfolio of renewable energy infrastructure projects.”
“Alternergy’s strong emphasis on RE complements and supports this commitment,” Veloso said.
Alternergy has five projects under construction. Its total generating capacity is expected to reach 311 MW by end-2025.
Alternergy is seen to undertake a second round of capital raising to complete its power projects in the pipeline.
