A Brown Seals P2.3 Billion Wind Investment in Alternergy

MANILA, Philippines — Property developer A Brown Co. Inc. has completed its P2.3-billion investment in two wind power projects of Alternergy Holdings Corp. The transaction, finalized on Monday, gives A Brown subsidiary ABC Energy a 40-percent equity stake in Alternergy’s 128-megawatt Tanay Wind in Rizal and the 64-MW Alabat Wind in Quezon. Alternergy retains a 60-percent majority ownership and management control of both projects. “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,” Alternergy president Gerry Magbanua said. Magbanua said the fresh capital is expected to bolster Alternergy’s financial position as it works toward its target of developing up to 500 MW of additional renewable energy capacity by year-end. The deal, which hurdled the Philippine Competition Commission in March, was completed through the subscription and purchase of shares in the two project companies. The final transaction value reflects an early closing adjustment under the parties’ agreement after A Brown opted to complete the investment ahead of the projects’ commercial operations. “At A Brown we have always believed that businesses endure when they contribute meaningfully to society. Our investment in Alternergy’s wind projects is rooted in that philosophy,” A Brown chairman emeritus Walter Brown said. “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,” Brown added. The Rizal project is now 89 percent complete and nearing the final stages of commissioning, with commercial operations expected to begin in October.