GSIS pours P1.45B into renewable power firm Alternergy

The Government Service Insurance System (GSIS) is investing over a billion pesos in listed renewable energy firm Alternergy Holdings Corporation.

In a joint statement on Tuesday, GSIS and Alternergy announced the pension fund’s subscription of P1.45 billion worth of Alternergy’s preferred shares under a private placement.

“Following our IPO (initial public offering) in March, the equity infusion from GSIS will significantly boost our equity base as part of our medium-term capital raising program. This landmark offering was strategically arranged and made possible by our long-time financial advisor, the Investment & Capital Corporation of the Philippines,” said Gerry Magbanua, president of Alternergy.

For his part, GSIS president and general manager Jose Arnulfo Veloso said its investment in Alternergy supports the state pension fund’s commitment to sustainability.

Veloso said that “Alternergy's strategic collaborations with diverse stakeholders and their significant contribution to the Philippines' energy transition as a renewable energy pioneer make them attractive to institutional investors such as GSIS.”

“We are deeply honored to have GSIS as a cornerstone investor in Alternergy. Their support will accelerate Alternergy’s roll-out of our Triple Play portfolio of wind, solar, and run-of-river, in line with the mission of GSIS in sustainable nation-building,” said Alternergy chairman Vicente Perez Jr. —RF, GMA Integrated News