Alternergy gears up for next phase of growth

MANILA, Philippines — Renewable power pioneer Alternergy Holdings Corp. is gearing up for its next phase of growth.

Fueled by higher revenues, Alternergy reported a consolidated net income of P38 million for the fiscal year ended June 2023.

The group’s earnings before interest, taxes, depreciation and amortization or EBITDA for the fiscal year was likewise positive at P180 million.

“Alternergy is entering the next phase of our growth momentum. We will build on past year’s successes,” Alternergy chairman Vicente Perez said.

“For the next two years, we will be on full-swing construction mode for our wind and solar projects and at the same time completing the construction of our run-of-river hydro projects,” he said.

Alternergy said one of the group’s solar power projects is nearing completion.

The 13.2-megawatt alternating current Palau solar farm and battery project is on schedule to start formal commercial operations in the fourth quarter.

“In 2023, we reached new heights as the first company to go public,” Alternergy president Gerry Magbanua said.

“Alternergy also entered the international landscape with the completion of our solar PV + battery energy storage system project, the first in the Republic of Palau and the largest to date in the Western Pacific region making it one of the most significant foreign direct investments in the island nation,” he said.

Magbanua said the project would meet more than 20 percent of Palau’s energy needs.

Meanwhile, Alternergy’s run-of-river hydro projects are expected to be completed next year, while the construction of the Tanay and Alabat wind power projects with a combined capacity of up to 164 MW would also commence in 2024.

Two of Alternergy’s solar portfolio, Solana and Apulid solar projects, will start construction in 2024 and 2025, respectively.

“Our initial year as a publicly listed company sets further growth in the coming years as we roll out our pipeline of projects,” Magbanua said.

Alternergy, which debuted at the Philippine Stock Exchange as the first initial public offering this year, is a renewable energy company with a solid portfolio of project companies engaged in different renewable energy projects.