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Manila Bulletin devider Business devider Alternergy logs financial rebound this year

Alternergy logs financial rebound this year

Published Oct 16, 2023 08:20 am

At A Glance

  • Alternergy has been advancing the completion of various renewable energy (RE) projects not just in the Philippines, but also in the offshore market of Palau.

 Listed firm Alternergy Holdings Corporation (Alternergy) logged financial rebound in the current fiscal year with an income of P38 million, effectively reversing a net loss of P145.2 million in a comparable period last year.

The company’s cash balance also escalated significantly by 113% to P1.2 billion; and that was mainly buoyed by the proceeds it fetched from its initial public offering (IPO) in March this year.

Its successful debut at the Philippine Stock Exchange (PSE) somehow boosted its financial resources, enabling it then to infuse funding for its pipelined projects that are all targeted to shore up its renewable energy (RE) capacities portfolio.

“From the IPO proceeds, P720 million was allocated to pre-development of six renewable projects totaling 183 megawatts under the group’s triple play pipeline of wind, solar, and hydro projects,” the company stated.

Alternergy Chairman Vincent S. Perez primarily qualified that “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.”

The pioneer RE firm similarly indicated that its consolidated assets expanded 41% to P4.9 billion by end-June this year versus a leaner level of P3.4 billion within comparative period in 2022; while its key performance indicators (KPIs) also logged significant upturn.

The company highlighted that its total equity had risen 138% to P2.72 billion, while its debt-to-equity ratio improved to 0.66x vis-a-vis 1.38x previously.

It likewise emphasized that its “liabilities declined due to repayment of payables and a bank working capital facility;” while the firm’s earnings before interest, taxes, depreciation and amortization (EBITDA) was at positive P180 million this year versus P23.3 million a year ago.

The company further reported that continuing investments are being injected into three of its ongoing RE developments – primarily the solar farm and battery project in Palau; as well as its ongoing two run-of-river hydropower projects in Ifugao and Nueva Ecija.

Alternergy said it is now looking forward to the completion of one of its projects – that’s the 13.2-megawatt(ac) Palau solar farm installation with battery storage which is slated for commercial operations within fourth quarter this year.

Alternergy President Gerry P. Magbanua considered the Palau projec as their milestone investment journey into an offshore market, on top of the series of projects that they are now advancing into completion at various sites in the Philippines.

“Alternergy entered the international landscape with the completion of our solar PV + battery energy storage system (BESS) 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 conveyed.

Magbanua added “the project will meet more than 20% of Palau’s energy needs,” emphasizing that “our initial year as a publicly listed company sets further growth in the coming years as we roll out our pipeline of projects.”
 

 

Related Tags

Alternergy Holdings Corporation hydro projects renewable energy solar plants wind farm
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