Vince S. Pérez, Chairman, Alternergy
In a world beset by colossal challenges like climate change, poverty, and social injustice, many of us tend to either turn a blind eye or throw up our hands in despair. It’s all too easy to sit on the sidelines, feeling powerless against the tide of issues that seem too immense to tackle. But how many of us genuinely pause to ask ourselves, “What can I do for our planet, country, or community?”Regrettably, not many possess the fortitude to step up to the plate. However, there are a select few who rise above the fray, rolling up their sleeves and leading the charge towards positive change. They’re not content to be bystanders when challenges arise; they meet them head-on, driven by a profound belief that even the tiniest gestures possess the power to spark monumental change. Today, we delve into the inspiring tale of one such trailblazer, Vince S. Pérez, the Former Philippine Energy Secretary and the Chairman of Alternergy, a publicly listed renewable power company in the Philippines specializing in wind, solar, and mini-hydro energy.
From Corporate Paths to Entrepreneurial Heights
The eldest among five siblings, Pérez was born into a family steeped in public service, with his father serving as a naval officer and assistant secretary for foreign affairs, and his mother a dedicated dietician and nutritionist. His upbringing instilled in him a sense of duty and a drive to make a positive impact from a young age. Despite not having Chinese lineage, Pérez pursued his early education at Xavier School, as his forward-thinking father wanted him to learn Chinese.
After graduating with a degree in Business Economics in 1980, Pérez initially seemed to follow a traditional corporate path by pursuing an MBA at the prestigious Wharton Business School, with plans to eventually join Mellon Bank’s Manila office. However, life had other plans in store – the political turmoil following Ninoy Aquino’s assassination in 1983 rerouted Pérez’s path to Latin America. Undeterred, Pérez navigated through the financial landscape, eventually finding himself at Lazard Investment Bank, trading emerging market debt in the bustling financial capitals of London and New York. As a 35-year-old Filipino, he made his mark in the competitive world of finance by becoming the first Filipino senior partner on Wall Street.
Yet, amidst the hustle of Wall Street, Pérez felt a stirring within him, a call to make a tangible impact. He pondered, “Have I done anything good for the country? Have I done anything good for Peru or Nigeria by trading their bonds for marginal gains?” This soul-searching led him to venture into the real economy back in the Philippines with his brother Miguel, starting a grouper farm in Palawan and a blue crab business in the Visayas. His vision was to generate foreign currency earnings for the country’s fledgling export industry while providing a much-needed livelihood for the town’s fisherfolk.
This entrepreneurial spirit led him back to Singapore, where he carved a path as Lazard’s first Asian and Filipino partner. In 1997, Pérez embarked on a new chapter, by leaving Lazard and launching the Philippine Discovery Fund with co-founders Patrick Go, Dennis Mendiola, and Eduardo Miranda. Their investments in Smart Communications, Del Monte Pacific, and Fastech paid dividends. Concurrently, his dedication to environmental sustainability led him to start a conservation-focused venture with like-minded venture philanthropists to acquire El NidoResorts, driven by a desire to protect the pristine beauty of nature. Despite facing unexpected detours, such as his sudden appointment in early 2001 to governmental roles by his former professor turned president, Gloria Macapagal-Arroyo, Pérez tackled each challenge with resilience and resolve. As the youngest Philippine energy secretary at 42, he had to renegotiate numerous power contracts that had been hastily signed during the Ramos administration to address a power crisis. These renegotiations saved the country billions of dollars in stranded contract costs over time while exposing Pérez to major global energy players. After his stint in government, Pérez briefly taught an MBA class on renewable energy at Yale University and returned to his El Nido project, helping grow the business to four island resorts.
Embracing the Sustainable Triple RE Strategy
After stepping down as energy chief in 2005, Pérezco founded Merritt Partners, an energy advisory firm, with former energy officials Jocot de Dios and Lea Ricolcol. The founders of Northwind, the first wind farm in Southeast Asia, sought Merritt’s help in raising equity to repay the costs of a transmission line. While Pérez managed to pique the interest of several corporate investors, the deal was taking too long amidst the tedious due diligence process. Undeterred, Pérez took a leap of faith and decided to invest his own capital instead. This pivotal moment marked the genesis of his accidental foray into renewable energy (RE), a journey that would redefine his legacy. By 2008, half of the Northwind partners, including Pérez, were eager to take on more RE projects across the country, but the other half were less keen. This led to a pivotal decision: Pérez, alongside Knud Hedeager and Gerry Magbanua, forged ahead to establish Alternergy, while still retaining ownership of 50 percent of Northwind. They eventually sold their Northwind interest and around the same time, Pérez also sold El NidoResorts, in order to focus on Alternergy. Pérez co-founded Solar Pacific with former Yale student Mike Lichtenfeld, bringing solar power to off-grid communities and islands in the Pacific. He later folded his Solar Pacific stake into Alternergy, thus expanding its vision from wind power to encompass solar power and mini-hydro as well, combining the three complementary renewable resources as part of Alternergy’s Triple Play strategy.
Pérez’s Quadruple Bottom Line Philosophy
As the chairman of Alternergy, Pérez has been at the forefront of revolutionizing the renewable energy landscape. The seeds of his green vision were sown during his tenure as the Philippine Energy Minister from 2001 to 2005 when he spearheaded initiatives to boost energy self-sufficiency, promote indigenous clean energy sources, and craft an ambitious renewable policy framework. Driven by his passion for sustainability and social impact, Alternergy measures success not just by profit, but also by its environmental impact, including carbon-emission reductions from its wind, solar, and hydropower plants. “Alternergy’s ethos extends to benefitting our host communities and ensuring employee satisfaction, as part of our Quadruple Bottom Line philosophy,” adds Pérez.
Continues To Chart New Horizons
Within fifteen years, Alternergy became a pioneer in renewable power, altering the countryside landscape with alternative energy. The company successfully listed in early 2023 on the Philippine Stock Exchange despite volatile global equities markets. Today, Alternergy is led by the most experienced team in this space, having blazed the trail in wind energy in the whole of Southeast Asia, well-versed in resource assessment, transmission access, finance, energy regulation, and project execution. They aspire to pioneer in aqua-voltaic projects that combine solar energy with fish farming, in battery energy storage, and someday on the distant horizon, in offshore wind.
Pérez’s Three-Bucket Philosophy
Pérez, a man of deep convictions, lives by his “theory of three buckets of water,” which emphasizes prioritizing family and friends, energy, and the environment. “To be more effective in life, you have to come up with your own three priorities in life because how you spend your life is how you define yourself and water is an analogy to life,” he explains.
At 66, Pérez wears many hats—as an RE pioneer, sustainability advocate, former energy secretary, international banker, private equity investor, and now, a new dad. Yet, amidst his impressive achievements, what truly ignites his passion is his desire to leave a legacy that his daughter can be proud of. “I’d rather leave behind something that my daughter could see when she grows up. She could point to the windmills and say, my dad built that wind farm,” asserts Pérez.
His commitment to sustainability extends far beyond Philippine shores, with significant roles at regional boards in China, Singapore, Switzerland, and the U.S. Today, his influence extends far beyond the energy field, as he holds board positions at Banco de Oro, the largest Philippine bank, at ST Telemedia, the Temasek holding company in data centers and mobile telecoms at International School Manila, plus various advisory boards with the Yale Center for Business in the Environment, Pictet Clean Energy Fund, and the Bhutan Foundation demonstrating his versatility and commitment to the environment across diverse sectors. That’s not all, he has also been involved with WWF-Philippines for over three decades. He has also served on the board of WWF International, and now, as a board member of WWF-US and WWF-China, cementing his status as a true advocate of the environment in the region. Donning yet another cap as the Honorary Consul of Bhutan to the Philippines, Pérez’s non-profit efforts are squarely focused on environmental causes.
A Multifaceted Visionary
An adventurer at heart, Pérez has penned captivating books, with tales of sailing voyages, haiku poetry, and hiking escapades. His passion for the environment shines through his published work on sustainable tourism in El Nido Resorts and the history of Alternergy. Whether he’s diving into coral reefs, exploring nature, or mastering the martial art of arnis, Pérez embraces life’s journeys with zest. Balancing his time between his professional responsibilities, and personal passions, Pérez seamlessly blends his roles as a devoted family man to his wife Maria (herself a governor of WWF-Australia) and daughter, as a committed environmental advocate, and as a dynamic business leader. As he continues to chart new horizons, his legacy as a visionary leader and tireless advocate for sustainable development grows ever more influential.