Alternergy Holdings Corp. recorded a consolidated net income of Php 38 million for the first half of this year, a significant growth driven by increased revenues.
In a report by BusinessWorld, Alternergy Chairman Vicente S. Pérez Jr. emphasized the company’s momentum for growth and its intention to build on past year’s successes.
During the first semester of the year, a 113% increase to P1.2 billion and a 41% increase to P4.9 billion in its cash and consolidated assets was recorded by the company.
The increase in consolidated assets was due to continued investments in the projects under construction. These include the solar farm and the battery storage project in Palau, and two run-of-river hydro projects in Nueva Ecija and Ifugao.
For the pre-development of its six renewable projects with a combined capacity of 183 megawatts (MW), Alternergy allocated Php 720 million from its initial public offering.
Alternergy President Gerry P. Magbanua expressed optimism regarding the company’s growth in the upcoming years, following a successful first year as a publicly listed entity.
By the fourth quarter of this year, Alternergy is set to commence commercial operations for its 13.2-MW alternating current solar farm and battery projects.
The renewable power firm looks to expand up to 1,370 MW of RE sources particularly onshore and offshore wind, solar, and run-of-river hydropower.
