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Alternergy Issues $32m Green Notes in Debut

By Markets Desk · 2026-09-17 · 2 min read
A single wind turbine on a grassy hill under a clear sky
Illustration: Tradingbird

Alternergy Holdings Corporation has issued $31.85 million in green fixed-rate notes. This marks the company's first entry into the Philippine debt capital markets.

Alternergy Holdings Corporation issued $31.85 million in green fixed-rate notes. This transaction marks the company's first entry into the Philippine debt capital markets. The notes carry a 7.75% annual interest rate. The tenor is set at 1.5 years. Interest payments are made quarterly. Principal repayment occurs in full at maturity. The offering is restricted to Qualified Institutional Buyers. This debut was highlighted in reports by GN auto markets/bonds: debt markets.

The rating agency assigned a PRS Aa Minus rating to the notes. The outlook is stable. Alternergy described this as a very strong investment grade rating. BDO Capital & Investment Corporation acted as the sole issue manager. It also served as the arranger for the deal. The proceeds will fund pre-development requirements for new projects. These projects were awarded under the Department of Energy’s Fourth Green Energy Auction. The funds may also cover general corporate purposes. This includes the full payment of existing loans.

Pipeline expands to 762 megawatts

The company maintains a Triple Play Portfolio strategy. This strategy spans wind, solar, and run-of-river hydro. It aims for balanced power generation across seasons. Alternergy currently operates 119 megawatts of capacity. This capacity is located in the Philippines and Palau. The company expects operating capacity to reach 311 megawatts by end-2026. Two wind projects are advancing toward commercial operations. The Tanay Wind project adds 128 megawatts. The Alabat Wind project adds 64 megawatts. Both were awarded under the Second Green Energy Auction.

The development pipeline includes projects from the Fourth Green Energy Auction. Liberty Solar is part of this group. Kalandagan Solar is also included. Alegria Wind is another component. Tayabas North Wind completes the list. The combined potential capacity of these projects is approximately 762 megawatts. These assets will diversify the company's revenue streams. The portfolio design targets varying seasonal conditions. This approach reduces reliance on a single generation source.

Diversified renewable energy strategy

The financing supports the pre-development phase of new assets. These assets are part of the broader green energy initiative. The company seeks to balance its generation mix. Wind, solar, and hydro power provide complementary outputs. This mix stabilizes revenue during different weather patterns. The transaction was executed with a sole arranger. The fixed-rate structure locks in borrowing costs. The short tenor aligns with near-term project milestones. The investment grade rating signals financial strength to lenders.

Alternergy continues to expand its operational footprint. The current 119 megawatts serve existing customers. The upcoming 311 megawatts will increase market share. The 762 megawatt pipeline represents future growth. The company targets end-2026 for the capacity increase. This timeline depends on project execution. The debt issuance provides necessary capital for these steps. The market reception was positive for the debut. The fixed rate of 7.75% reflects current market conditions. The quarterly interest schedule aids cash flow management.

Based on reporting by Asian Power, compiled by the Tradingbird desk.

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