Old but well-run solar unit gives Alternergy 5,700% income bump

MANILA  -Former Energy Secretary Vicente Perez Jr.’s renewable energy firm Alternergy Holdings Corp. saw its earnings in the first quarter of its calendar year grow by more than 5,700 percent to P96.98 million from P1.66 million on the back of strong performances in its solar and wind facilities.

“We are delighted to start fiscal year 2024 with positive results. Our Kirahon solar power plant has been in operations for eight years and has kept a strong performance because of efficient management and maintenance,” Alternergy president Gerry Magbanua said in a statement on Friday.

Alternergy’s first quarter for fiscal year 2024 covers the July to September period.

According to the company, its total assets slightly rose to P4.96 billion from P4.87 billion. Gross profit, meanwhile, improved to P32.33 million from P30.81 million due to lower cost of sale of electricity.

READ: Alternergy draws upon IPO funds for wind projects won in auction

Additionally, earnings before interest, taxes, depreciation and amortization surged by 64.39 percent to P120.47 million, as its portfolio of solar and wind projects contributed steady earnings.

Alternergy added that state-run pension fund Government Service Insurance System’s (GSIS) recent P1.45-billion preferred shares subscription was also likely to boost the company’s consolidated equity base to an estimated P4.27 billion from P2.72 billion the previous year.

READ: GSIS invests P1.45B in Alternergy

GSIS had noted that the share subscription would help build its investment portfolio of renewable energy infrastructure projects.

At the same time, Magbanua expressed optimism that his company would be able to sustain its performance for the entire fiscal year upon the full operations of the $29-million solar and battery energy storage system project in the Republic of Palau, as well as a number of hydropower projects under construction.