This is AI generated summarization, which may have errors. For context, always refer to the full article.
Alternergy reports a 239% increase in net income for fiscal year 2024, owing largely to their solar hybrid project in Palau
MANILA, Philippines – Renewable energy firm Alternergy Holdings Corporation reported record-high increase in net income at P130 million for fiscal year 2024, making it on track to expand its portfolio by 500 megawatts (MW) by 2026.
This is a 239% increase from P38 million net income reported in 2023.
The firm attributed income growth primarily to their solar hybrid project in Palau, which posted P87.3 million in revenues since it started commercial operations in January.
The company currently has 86MW installed capacity. It sets its sights on adding 225MW of generation capacity by 2025, and another 191MW by 2026.
“Having done a lot of these funding initiatives over the last 15 years of our existence, we are very confident that we will continue to be able to tap the capital markets and raise additional funding for any additional projects that we will be working on in the coming years,” Gerry Magbanua, Alternergy president, told reporters in a briefing on Thursday, September 26.
Meanwhile, Alternergy’s Kirahon solar power plant in Misamis Oriental reported P188 million in revenues, a 10% increase from 2023’s P173 million.
‘Anchors of growth’
The wind projects in Tanay, Rizal and Alabat, Quezon Province, are what the company considers its “critical anchors” for immediate future.
The Tanay and Alabat wind power projects will increase generation capacity by 99.2MW and 62.4MW respectively. According to Magbanua, Alternergy had already earmarked P18 billion in capital expenditure.
He cited both wind projects as examples of what anticipating transmission access issues early on could mean for expansion plans in the industry.
“That is one of the reasons why we have been able to aggressively bid for the Tanay and Alabat project, because earlier on, we were able to identify where can we connect these projects,” said Magbanua.
Carmen Diaz, Alternergy’s chief financial officer, said their “robust” cash position had helped fund the development of the wind projects.
“Alternergy has posted strong performance since our IPO (initial public offering),” Diaz said on Thursday.
“[O]ur balance sheet cash position has triple-digit growth at P3.3 billion as of fiscal year June 2024 [and] P1.2 billion [from] last year.”
Other projects in the pipeline expected to aid Alternergy’s five-fold increase in capacity are the 28MW Solana solar power project, 80MW Liberty aqua-voltaic solar project, 4.6MW Dupinga and 17.4MW Kiangan run-of-river hydro projects. – Rappler.com
