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Manila Bulletin devider Business devider Alternergy revenues up 44% due to Palau Solar BESS

Alternergy revenues up 44% due to Palau Solar BESS

Published May 13, 2024 09:08 am

Because of a newly energized battery energy storage system (BESS), renewable power firm Alternergy Holdings Corp. was able to beef up its financial revenues for the fiscal year 2024.

Alternergy’s revenues as of March 2024 were boosted by 44 percent to P182.5 billion due to the Palau Solar BESS which began its commercial operations in January.

The Palau project located in Babeldoab island has around 15.3 megawatt-power (MWp) solar photovoltaic (PV) and 12.9 megawatt-hours (MWh) BESS, and is Alternergy’s 11th operating asset.

Alternergy President Gerry P. Magbanua expressed gratitude over the success of their green energy project in Palau, stating, “With the start of its operations, we expect a steady flow of income from the Palau Project further boosting the company’s financial position as well as increase value to our shareholders.”

Since June of last year, the company’s overall assets bumped up by 42 percent to P6.9 billion. This includes the P2.1 billion of the soon-to-be deployed developments for the Tanay and Alabat Wind Power projects.

“We are also starting construction of three projects with a capacity of up to 204 MW: the Alabat, Tanay, and Solana Solar Power Project,” Magbanua said.

In terms of consolidated debt-to-equity, Alternergy was able to boost its ratio to 0.39x from 0.66x, while the consolidated equity grew to P4.3 million due to the issued preferred shares last March.

Meanwhile, the earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 78 percent from P96.4 million during the nine-month period last year to P267.2 million this year. 

“Alternergy’s healthy cash position enables us to kick off the construction of the Tanay and Alabat Wind Power Projects to meet the committed timeline under the Green Energy Auction Program [GEAP],” Magbanua said. 

With positive outlooks on improving the country’s power industry, the Alabat Wind Power Project was initiated on May 9 with the aim of assisting the government in additional energy capacity and generating shareholders’ revenues.

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