Alternergy acquires 74.99% stake in Olympia Solar Power

Alternergy will be Olympia Solar’s project sponsor for a project in Sultan Kudarat.

Alternergy Holdings has subscribed to 74.99% of the capital stock of power generation, transmission, and distribution firm Olympia Solar Power Corporation.

In a disclosure, Alternergy said the acquisition is equivalent to 74,999 common shares at a subscription price of $0.017 (PHP1) apiece.

The company added that it will act as a project sponsor for the Solar Energy Operating Contract to be applied for by Olympia Solar.

As the project sponsor, Alternergy should ensure the fulfilment of Olympia Solar’s obligation under the contract.

The solar project is targeted to be established in Barangay Kalandagan, Tacurong City, Sultan Kudarat, covering an area of up to 100 hectares.

$1 = PHP58.63