Renewable energy pioneer Alternergy Holdings Corporation (ALTER) reported a 43% increase in revenues to Php 261 million for the nine months ending March 2025, driven by robust core operations and strong performance from its dollar-denominated Palau Solar Battery Energy Storage System (BESS) Project.
The substantial revenue growth, from Php 182 million in the previous period, highlights ALTER’s expanding international footprint and successful diversification of its renewable energy portfolio.
ALTER also posted a net income of Php 109 million, surpassing internal targets by 23%. While lower than the previous year’s Php 158 million due to a one-time gain from the full acquisition of the Tablas Straits Offshore Wind Projects, the company’s profitability reflects solid recurring earnings from operating assets.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 9% to Php 291 million, underscoring the company’s operational strength and cost efficiency.
In a major leap forward, ALTER’s total assets surged by 59% to Php 14 billion as of March 2025. This includes PHP 4 billion in capital expenditures during the period to fund construction across three major renewable projects under its “Road to 500 MW” initiative.
“Our strong financial results and asset growth demonstrate our commitment to leading the country’s clean energy transition,” said ALTER President Gerry P. Magbanua. “We are charging full steam ahead with the construction of multiple renewable energy projects that will soon contribute steady revenue streams and strengthen long-term shareholder value.”
The company maintains a solid financial foundation, with Php 4 billion in cash as of March 2025 and consolidated retained earnings that doubled to Php 138 million from Php 67 million in June 2024—even after Php 40 million in dividend payments.
Project execution is progressing rapidly across ALTER’s growing renewable energy pipeline:
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The Dupinga Run-of-River Mini Hydro Power Project in Nueva Ecija is 83% complete.
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The Balsik Solar Power Project in Hermosa, Bataan, has surpassed the 50% completion mark and is on track for commissioning in the first half of 2025.
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Construction is ongoing for the 128 MW Tanay and 64 MW Alabat Wind Power Projects, with the first shipment of wind turbine generators delivered in April and substations under development.
“These projects are vital milestones in ALTER’s Road to 500 MW and represent the next wave of growth. As these assets go online, we are also preparing the pipeline for our future developments to sustain momentum,” Magbanua added.
