Alternergy Holdings Corporation reported stronger second-quarter results for fiscal year 2026, as its newly commissioned Balsik Solar plant began contributing to revenues.

Operating revenues rose 4% to PHP 188 million from PHP 181 million the previous year. The increase was largely driven by PHP 13 million in test revenues from the 28-megawatt-peak Balsik Solar Power Plant in Hermosa, Bataan, which accounted for 7% of total revenues during its testing and commissioning phase. The plant began commercial operations in January.

Earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 46% to PHP 258 million from PHP 177 million, reflecting higher energy generation and continued cost efficiency. Net income was sustained at PHP 84 million.

“This demonstrates the start of a steady flow of revenues to the company and to our shareholders as Alternergy begins inaugurating in 2026, one by one, the four (4) projects across our Triple Play portfolio of solar, wind and hydro resource technologies,” Alternegy President Gerry P. Magbanua said.

The four projects have a combined capacity of 225 megawatts (MW).

“We expect to see a further boost in our operating revenues and overall financial performance in the months ahead as all these projects come on stream in 2026,” he added.

Alternergy’s other operating assets, including the 12.5-MW Kirahon Solar Power Plant, the Palau Solar Power Project with 15.3 MWp solar PV and a 12.9 MWh battery energy storage system, and its CityMall rooftop portfolio, posted stable performance during the quarter. Revenues from the 54-MW Pililla Wind Farm were lower due to weaker wind production.

Total assets expanded 26% to PHP 22.5 billion from PHP 17.9 billion, while cash stood at PHP 5 billion after capital infusions and dividend payments.

The company recorded PHP 5.8 billion in equity infusions to complete the Tanay Wind, Alabat Wind and Balsik Solar projects, with project finance drawdowns reaching PHP 11.8 billion to date.

Four projects are nearing commercial operations in 2026: the 4.6-MW Dupinga run-of-river hydro, 28-MW Balsik Solana solar, 64-MW Alabat Wind and 128-MW Tanay Wind projects, part of its Road to 500MW by 2026 expansion plan.

As more capacity comes online, how do you see Alternergy’s ramp-up affecting earnings visibility and investor appetite for listed renewable energy developers this year?

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