Manila: Publicly-listed renewable energy firm Alternergy Holdings Corporation on Tuesday expressed its willingness to cooperate with any official review, including those concerning the investment made by the Government Service Insurance System (GSIS).

According to Philippines News Agency, the state pension fund subscribed to the firm's perpetual preferred shares (PPS) in December 2023, investing PHP1.45 billion. Alternergy President Gerry Magbanua stated that the PPS carries a coupon rate of 8 percent per annum, with a rate adjustment on its seventh anniversary, and is redeemable at a premium for GSIS on its fifth year.

The statement from Alternergy highlighted that it has already remitted PHP118 million to GSIS as gains from its investment in the first year last December. The proceeds from these placements in the PPS were utilized to expedite the construction of the company's Tanay and Alabat wind projects, which fall under the Department of Energy's Green Energy Auction 2 (GEA 2).

Magbanua affirmed, "This affirms the soundness of GSIS' investment decision in Alternergy and reflects its and its members' commitment to renewable energy and sustainability." Furthermore, Magbanua reassured stakeholders of the company's adherence to high governance standards, emphasizing, "Maintaining stakeholder trust is at the core of everything we do."