Renewable energy developer Alternergy Holdings Corp. has secured a P2.4 billion equity investment from ABC Energy Inc., the energy holding company of listed A Brown Co. Inc., to help finance two wind projects and free up capital for its expanding renewable energy pipeline.
Under the agreement, ABC Energy will acquire a 40% stake in Alternergy Tanay Wind Corp. and Alabat Wind Power Corp., the companies developing the Tanay and Alabat wind projects.
Alternergy, through Alternergy Wind Holdings Corp., will retain a 60% controlling stake in both project companies.
The investment forms part of Alternergy’s strategy of bringing in equity partners to completed or near-completed projects, allowing the company to recycle capital into new developments, including wind, solar, run-of-river hydropower and battery energy storage projects.
The companies have amended the transaction to complete the investment in two phases.
Alternergy said the first phase closed on June 24, with ABC Energy investing approximately P600 million through a combination of share subscription and share purchase.
The balance of the investment will be completed either on July 20 or within three business days after either the Tanay or Alabat wind project achieves commercial operations, at ABC Energy’s option.
Alternergy said it expects to retain majority ownership of both projects after the transaction is completed.
The deal underscores the growing use of strategic equity partnerships by Philippine renewable energy developers to finance capital-intensive projects while preserving financial capacity to pursue additional investments as the country accelerates its clean energy transition.
The transaction remains subject to regulatory review and approval, including clearance from the Philippine Competition Commission.