ALTERNERGY Holdings Corp. has lent up to P4.45 billion to its wholly owned subsidiary, which may be converted into an additional 5,000 subscription shares at P889,000 apiece.

In a regulatory filing on Wednesday, Alternergy said its board approved entering into a convertible subordinated interest-bearing loan agreement with Alternergy Wind Holdings Corp.

The board also approved setting up a wholly owned subsidiary that will serve as the shared services center of the corporation and its subsidiaries.

“The wholly owned subsidiary shall be incorporated with an authorized capital stock and paid-in capital of up to P5 million,” the company said.

The company is targeting to develop up to 500 megawatts of additional wind, solar, and run-of-river hydro projects.

Shares in the company on Wednesday fell by 2.13% to close at P0.92 apiece. — Sheldeen Joy Talavera