Alternergy Holdings Corporation (renewable energy developer) has completed a USD 37.26 million investment by A Brown Company Inc.'s energy subsidiary ABC Energy Inc., marking the final close of a two-phase transaction that gives the buyer a 40% equity stake in two of the Philippines' most advanced wind power projects currently under construction.

Transaction Details and Structure

The final closing involved ABC Energy acquiring a 40% stake in both Alternergy Tanay Wind Corporation and Alabat Wind Power Corporation. The investment was executed through a combination of subscription and purchase of shares in the two project companies. Alternergy retains a 60% majority ownership and management control of both entities.

The final transaction value reflects an early closing adjustment under the terms of the parties' agreement, following A Brown's decision to complete the investment ahead of the commercial operations of both projects.

The Philippine Competition Commission granted clearance for the transaction in March, confirming compliance with applicable competition laws and regulatory requirements.

Advisers on the deal included AlphaPrimus Advisers and Astris Finance as joint financial advisors to Alternergy, with Mabuhay Capital serving as financial advisor to ABC Energy.

Legal counsel for Alternergy was provided by Romulo Mabanta Buenaventura Sayoc and de los Angeles, while Picazo Buyco Tan Fider Santos and Dee acted as legal counsel to ABC Energy.

Project Status and Construction Progress

The 128 MW Tanay Wind Power Project, located in Rizal province, has reached 89% completion and is in the final stages of commissioning, with commercial operations expected to begin in October. The 64 MW Alabat Wind Power Project in Quezon province has reached 83% completion and continues to advance toward commercial operations.

Both projects are the first among those awarded under the Department of Energy's Green Energy Auction Program II to reach advanced stages of development.

Financing for the Tanay project was provided by BPI and Security Bank, while RCBC serves as financing partner for the Alabat project. Together, the two projects represent a total investment of approximately USD 291.59 million.

Strategic Significance for Alternergy

Alternergy president Gerry Magbanua described the transaction as a landmark deal and highlighted A Brown's decision to invest before commercial operations begin as a signal of confidence in the company's platform.

"Their decision to complete the investment ahead of commercial operations of both projects underscores their confidence in Alternergy's renewable energy platform and long-term growth strategy," Magbanua said.

For Alternergy, listed on the Philippine Stock Exchange under the ticker ALTER, the deal forms part of a broader capital recycling strategy aimed at funding the expansion of its renewable energy portfolio.

The company has set a target of building up to 500 MW of additional renewable energy capacity by year-end, spanning wind, solar, run-of-river hydro, and battery energy storage systems. Magbanua also noted that A Brown's longstanding history and legacy in Rizal province adds particular significance to the partnership.

A Brown's Rationale for the Investment

A Brown Company, listed on the Philippine Stock Exchange under the ticker BRN, made the investment through its energy subsidiary ABC Energy Inc. The company's chairman emeritus, Dr. Walter Brown, framed the decision in terms of long-standing corporate values. "

At A Brown we have always believed that businesses endure when they contribute meaningfully to society," Brown said. "Our investment in Alternergy's wind projects is rooted in that philosophy. We are honored to partner with Alternergy, a pioneer in renewable energy development in the Philippines, in advancing projects that will help build an energy future that is cleaner, more secure and more sustainable for every Filipino."

Contribution to National Renewable Energy Goals

Once operational, the Tanay and Alabat wind projects are expected to contribute to the Philippines' renewable energy targets and energy security agenda. Magbanua acknowledged the role of provincial governments in the projects' development, citing support from the provincial governments of Rizal and Quezon as instrumental to bringing the projects to their current stage.

The two wind projects together represent a combined installed capacity of 192 MW, with Tanay contributing 128 MW and Alabat 64 MW. Their status as the most advanced projects awarded under GEAP II positions them as early markers of progress under the government's green energy auction framework.

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