Renewable power trailblazer, Alternergy Holdings Corp., is gearing up for an expansive phase following a robust fiscal year. With a consolidated net income of P38 million and positive earnings before interest, taxes, depreciation, and amortization (EBITDA) of P180 million for the fiscal year ending June 2023, Alternergy is set to build on its successes and propel into a new phase of growth.
Alternergy reported a consolidated net income of P38 million and positive EBITDA of P180 million, showcasing the company’s financial strength and resilience in the renewable energy sector.
Chairman Vicente Perez outlined the company’s growth trajectory, emphasizing the next two years’ focus on full-scale construction for wind, solar, and run-of-river hydro projects. The Palau solar farm and battery project, a 13.2-megawatt AC venture, is nearing completion and is scheduled to commence formal commercial operations in Q4 2023.
In 2023, Alternergy made history by becoming the first publicly listed renewable energy company. Additionally, the completion of the solar PV + battery energy storage system project in the Republic of Palau marked the company’s entry into the international landscape, positioning it as a significant foreign direct investor in the Western Pacific region.
Alternergy’s run-of-river hydro projects are expected to be completed in the coming year, with the Tanay and Alabat wind power projects, boasting a combined capacity of up to 164 MW, set to commence construction in 2024. The Solana and Apulid solar projects from Alternergy’s solar portfolio will kick off construction in 2024 and 2025, respectively.
Alternergy’s President, Gerry Magbanua, expressed optimism about the company’s growth trajectory, especially as it rolls out its pipeline of projects. The successful debut on the Philippine Stock Exchange as the first initial public offering in 2023 further positions Alternergy for continued growth and expansion.
With a solid financial performance, international expansion, and a robust project pipeline, Alternergy is poised for significant growth in the renewable energy sector. The company’s commitment to sustainable initiatives and its strategic position in key projects underscore its potential for continued success in the years ahead.
