Alternergy net income rises 27% as Balsik Solar Farm ramps up
Alternergy Holdings Corp. reported a 27% increase in net income to P28 million in the first quarter of their fiscal year 2027, supported by the contribution of its newly operational Balsik Solar Farm and steady performance from its existing renewable energy facilities.
Unlike companies that follow the calendar year, Alternergy uses a fiscal year running from 1 July to 30 June. Its first quarter of fiscal year 2027 therefore covers the period from July to September 2026.
The 28-megawatt-peak (MWp) solar facility in Hermosa, Bataan generated P51 million in its first full quarter of operations, accounting for 33% of the company's total operating revenues. Alternergy's consolidated revenues climbed 88% to P154.4 million during the period.
Alternergy president Gerry Magbanua said the results mark the start of a growing revenue stream as the company brings additional projects into operation.
“These results mark the beginning of a growing revenue stream as we progressively bring into operation the four projects we set out to complete in 2026 across our Triple Play portfolio of wind, solar and hydro resource technologies,” Magbanua said.
The company is developing four projects with a combined capacity of 225 MW. Its 128-MW Tanay Wind Farm and 64-MW Alabat Wind Farm were more than 90% complete, with Alternergy expecting their eventual operations to further strengthen its financial performance.
Existing assets also supported the quarter's results. The 12.5-MWp Kirahon Solar Power Farm and 15.3-MWp Palau Solar Battery Farm each contributed 33% of operating revenues, while the 54-MW Pililla Wind Farm recorded improved revenue performance from higher feed-in tariff earnings.
Alternergy's earnings before interest, taxes, depreciation and amortization increased 61% to P144 million from P89 million a year earlier.
The company's consolidated equity grew 34% to P6.7 billion, supported mainly by a P1.7-billion investment from ABC Energy in its two wind projects.
Total assets increased 10% to P27 billion from P24.6 billion, while cash stood at P3.8 billion despite continuing capital expenditures and dividend payments.