Alternergy consolidates land assets
ALTERNERGY Holdings Corp. is exploring the possibility of raising additional capital by turning its recently established land holding company into a real estate investment trust (REIT) structure.
In a statement on Thursday, the company said its board approved consolidating all its land holdings with the recent acquisition of Triple Play Land Corp. (3PLCo).
Alternergy plans to use 3PLCo to consolidate ownership of land used as project sites for the company’s various renewable energy projects.
“3PLCo eventually can be used as a platform by ALTER to transform it into a future REIT play to raise additional capital for the group,” Alternergy President Gerry P. Magbanua said.
He said that it will be “unique due to its diverse holdings of complementary renewable power assets.”
The company also recently announced that it has completed its acquisition of Alternergy Solar Holdings Corp. (ASHC), making it the 100% owner.
The company said that the move is “part of the ongoing restructuring of the company to organize its renewable energy technologies into separate intermediate holding companies.”
ASHC will handle Alternergy’s solar energy portfolio, similar to the already existing Alternergy Wind Holdings Corp. for wind and Alternergy Mini Hydro Holdings Corp. for hydro.
Alternergy aims to develop up to 500 megawatts of additional wind, solar, and run-of-river hydro projects.
At the local bourse on Thursday, shares in the company rose by 2.17% to close at P0.94 apiece. — Sheldeen Joy Talavera
