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Manila Bulletin devider Business devider The Stock Market devider Alternergy wins high credit rating for planned ₱2-billion note issue

Alternergy wins high credit rating for planned ₱2-billion note issue

Published Aug 13, 2026 02:18 pm
Renewable energy firm Alternergy Holdings Corp. is planning to raise ₱2 billion from a planned issuance of Fixed-Rate Corporate Notes, which have been given a very strong investment grade rating by Philippine Rating Services Corporation (PhilRatings).
PhilRatings said it has assigned an investment grade Issue Credit Rating of "PRS Aa minus," with a Stable Outlook, to Alternergy's proposed note issuance.
“Proceeds from the issue will be used by the Company for advancing predevelopment expenses of its projects awarded by the Department of Energy (DOE) under the fourth round of its Green Energy Auction Program (GEAP-4) and other projects in the Company’s pipeline and for general corporate purposes, including the full payment of its loans,” the ratings firm said.
Obligations rated PRS Aa are of high quality and subject to very low credit risk, with the obligor’s capacity to meet its financial commitment on the obligation considered very strong.
The “minus” further qualifies the rating, while a Stable Outlook indicates that the rating is likely to be maintained over the next 12 months.
The assigned rating and corresponding Outlook took into account Alternergy’s growing renewable energy portfolio supported by a favorable industry outlook, albeit limited in size and scale relative to the broader industry.
PhilRatings also considered the firm’s competent and well-experienced shareholders and management team; its pioneer status in clean energy innovation; its recovering bottom line after recording a net loss in 2022, supported by upcoming projects with long-term off-take contracts; and its increasing leverage levels to support growth.
With a combined installed capacity of 119 megawatts (MW) as of end-March 2026, Alternergy’s operational portfolio spans the Philippines and the Republic of Palau. The company has 11 solar projects (eight of which are under one rooftop portfolio), one wind farm, and one mini run-of-river hydro project.
Looking ahead, Alternergy’s growth in scale and capacity will be supported by the DOE’s push to increase the share of renewable energy in the country’s overall power generation mix to 35 percent by 2030 and 50 percent by 2040.
Power projects awarded under the second round of the Green Energy Auction Program (GEAP-2)—the Tanay and Alabat Wind Projects—are in the advanced stages of construction and are expected to commence operations by October 2026. These are projected to increase Alternergy’s operating capacity to 311 MW by end-2026.
The company’s projects under GEAP-4—Liberty Solar, Kalandagan Solar, Alegria Wind, and Tayabas North Wind—are under development and are expected to be completed and begin operations in the next three years. Projects in the pipeline have a combined potential capacity of 762 MW.
To fund its growth, Alternergy has tapped the capital markets and banks. Consequently, its consolidated debt-to-equity ratio moved from 0.6 times as of calendar year-end 2021 to 3.0 times as of fiscal year-end 2025, driven by additional debt drawdowns to fund the construction of its capital-intensive power projects.
As of end-March 2026, the debt-to-equity ratio increased to 4.1 times. At the parent level, the debt-to-equity ratio stood at 1.0 times as of fiscal year-end 2025.

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