Alternergy income reaches P121 million

MANILA, Philippines — The earnings of renewable energy firm Alternergy Holdings Corp. reached P121.16 million for the first half of its fiscal year.

This was higher than the P879,000 net income recorded the previous year.

In a report to the Philippine Stock Exchange (PSE), Altenergy said the growth was driven by revenue increase on the testing and commissioning of the Palau Solar PV plus Battery Energy Storage System (BESS) project, and improved performance from associates, mainly the production from the Pililla Wind power project.

“Our solid first half financial result has given us leverage to push our projects at an even more accelerated phase and strategically positions us for our ongoing capital raising efforts,” Alternergy president Gerry Magbanua said.

Total assets of the firm grew by 31 percent, showing an upward trajectory of assets amounting from P4.87 billion to P6.39 billion. This is in part to the Government Service Insurance System’s P1.45 billion subscription to Alternergy’s shares in November last year.

Meanwhile, consolidated equity balance surged by 57 percent to P4.27 billion from P2.72 billion.

Earnings before interest, taxes, depreciation and amortization (EBITDA) soared by 166 percent to P179.34 million for the six-month period ended in December 2023 from P67.5 million over the same period in 2022.

“We are excited for the coming months as Alternergy is expected to break ground for our Alabat and Tanay wind power projects. At the same time, generation revenues from the Palau project will be recognized in full in the succeeding months following achievement of commercial operations,” Magbanua said.

Alternergy infused funding to its affiliates and subsidiaries to accelerate the project development of the Alabat and Tanay wind projects and Apulid aqua-voltaic solar project.

The firm is also pursuing the construction of the 4.6 MW Dupinga and 7.6 MW Ibulao 1 run-of-river power projects in Nueva Ecija and Kiangan, respectively.

Fiscal year of Alternergy kicks off in July and ends in June the following year.