ALTERNERGY Holdings Corp. said it is consolidating its solar energy portfolio under a single holding company.
The company said it will segregate its various renewable energy technologies into separate intermediate holding companies.
As part of the rationalization, Alternergy has acquired the shares of Alternergy Solar Holdings Corp. (ASHC) to be a fully-owned unit.
“ASHC will hold ALTER’s solar energy portfolio similar to the already existing Alternergy Wind Holdings Corp. (AWHC) for wind and Alternergy Mini Hydro Holdings Corp. (AMHHC) for hydro,” the
company told regulators.
“With the creation of ASHC and Alternergy’s 100 percent ownership, we expect a more vitalized solar energy portfolio for Alternergy. Consolidating our assets will result to operational efficiency and more importantly it will open new markets and access to larger capital resources,” said Gerry Magbanua, Alternergy president.
To be folded into ASHC are companies Liberty Solar Energy Corp., Olympia Solar Power Corp., Kirahon Solar Energy Corp. (KSEC) and Solar Pacific Pristine Power Inc. (SPPPI).
“The sale and transfer of ALTER’s share in KSEC and SPPPI shall be subject to necessary third-party consents, including project lenders,” Alternergy said.
The company aims to develop up to 500 MW of additional wind, solar and run of river hydro project.
