Alternergy, eyeing REIT, consolidates land assets

By Ed Paolo Salting – October 18, 2024
from The Manila Times

ALTERNERGY Holdings Corp. (Alternergy) said Thursday that it was consolidating all land assets into one entity to boost its capital-raising options.

Alternergy’s board was said to have approved the consolidation of all company’s land holdings with the recent acquisition of a newly established land holding company, Triple Play Land Corp. (3PLCo).

“Moving forward, 3PLCo can eventually be used as a platform by the company to transform it into a future REIT (real estate investment trusts) play in order to raise additional capital for the group,” Alternergy President Gerry Magbanua said.

“Overall, we believe that 3PLCo will be a unique kind of company due to its diverse holdings of complementary renewable power assets,” he added.

3PLCo is envisioned to be responsible for merging ownership of land used as project sites for Alternergy’s renewable energy (RE) projects, whether wind, solar or run-of-river hydro.

Alternergy also said that it had completed its acquisition of the issued and outstanding capital stock of Alternergy Solar Holdings Corp. (ASHC).

The company has said the move is part of an ongoing restructuring to organize its RE technologies into separate intermediate holding firms.

Alternergy said that assuming ownership of ASHC would lead to a stronger solar energy portfolio.

On Thursday, Alternergy’s share price fell by 2 centavos to P0.94.