Alternergy Holdings Corp., led by former energy secretary Vince Perez, posted a net income of P12.8 million in the first three months of 2023, reversing the P271 million loss incurred in the same period last year.
Consolidated revenues reached P41 million, boosted by proceeds from its initial public offering (IPO) of P1.62 billion.
From the IPO proceeds, P720 million was allocated for the pre-development of six renewable projects totaling 183MW under Alternergy’s pipeline of wind, solar, and hydro projects.
An additional P522 million was allocated to settle liabilities from the purchase of majority control of the 12.5 MW Kirahon solar farm operating since 2015, and P157 million was set aside for general working capital requirements.
Consolidated assets surged by 47 percent to P4.8 billion from June 2022 to March 2023, as continued investments were injected into Alternergy’s three projects under construction totaling 35MW: the Palau solar battery project and two run of river hydro projects in Nueva Ecija and Ifugao.
The 13.2MW Palau solar farm and battery project is on schedule for mechanical completion at the end of May 2023.
With equity funding now fully secured, early works began for the 20MW Solana solar project in Hermosa Bataan, with target completion by June next year.
Alternergy aims to develop up to 1,370 MW of additional wind, offshore wind, solar and run of river hydro projects in the next five years.