CORPORATE regulators have approved the Government Service Insurance System's (GSIS) subscription to Alternergy Holdings Corp. shares, the renewable energy holding firm said on Wednesday.

It said that the Securities and Exchange Commission on Tuesday certified Altenergy's filing of an enabling resolution regarding the state-owned pension fund's purchase of 100 million perpetual preferred shares for P1.45 billion at a price of P14.50 apiece.Alternergy's board approved the share subscription in November last year and received the payment in December.Alternergy has said that proceeds from capital raising activities would position it to immediately start the next phase of project developments, particularly the construction of the Tanay and Alabat wind power projects, awarded under the government's Green Energy Auction 2.Alternergy's share price went down by 3 centavos to close at P0.77 on Wednesday.