RENEWABLE energy firm Alternergy Holdings Corp. (Alternergy) on Wednesday said it had sold its business unit Alternergy Tanay Wind Corp. (ATWC) to another subsidiary engaged in wind resource development projects.

In a disclosure, the company said that its board of directors on March 5 approved the sale of all its shares in ATWC to Pililla A VPC Corp. (PACO).

Under the deal, Alternergy divested all of its ATWC shares, totaling 60,060 shares, to PACO for a total consideration of P54,606.

The transfer of the shares to PACO — Alternergy's intermediate holding company for its project companies implementing wind resource development — was a realignment of its corporate entities, the company said.

"The change is being effected so as not to run into valuation issues down the road when new capital has been infused in ATWC and construction works are underway for the Tanay Wind Power Project," Alternergy said in a disclosure.

Alternergy shares were unchanged on Wednesday at 76 centavos.

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