Alternergy Holdings Corp. (Alternergy) recorded a net income of P121 million from July 2023 to December 2023—the first semester of its fiscal year 2024—from the P879,000 recorded in the same period in 2022.
The company attributed this to the increase in revenues from the testing and commissioning of the Palau Solar PV + Battery Energy Storage System (BESS) Project (Palau Project) and improved performance from its power assets, in particular increased production from the Pililla wind power project.
The company ended 2023 with a healthy cash position at P2.26 billion and its total assets grew 31 percent to P6.39 billion from P4.87 billion for the first half of fiscal year 2024, following the P1.45-billion subscription in private placement by the Government Service Insurance System (GSIS) in November 2023.
“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,” said Gerry P. Magbanua, president of Alternergy.
“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.”
Alternergy is well positioned for its ongoing capital-raising activity. It is tapping the green finance market for up to P4 billion in green corporate notes.
The company said it would continue to infuse funding into its affiliates and subsidiaries to accelerate the project development of the Alabat and Tanay wind projects and Apulid aqua-voltaic solar project and continue supporting the ongoing construction of the 4.6 MW Dupinga and 7.6 MW Ibulao 1 run-of-river power projects in Nueva Ecija and Kiangan, respectively.