RENEWABLE energy company Alternergy Holdings Corp. on Thursday reported that net income in the six months ending December 2023, or its fiscal first half, rose to P121.16 million from P879,000 a year earlier on higher power sales.

In a filing, Alternergy attributed the growth to higher revenues from the testing and commissioning of the Palau solar photovoltaic plus battery energy storage system (BESS) project and improved performance from associates, in particular increased production from the Pililla wind project.

Alternergy's fiscal year starts in July and ends in June the following year.

Fiscal first-half revenue from electricity sales rose to P100.18 million from P85.25 million, boosted by "test revenues" from the Palau solar and BESS project prior to commercial operations.

Total assets grew by 31 percent to P6.39 billion from P4.87 billion the year before, due in part to the Government Service Insurance System's (GSIS) subscription to Alternergy's preferred shares last November worth P1.45 billion.

"Our solid first-half financial result has given us leverage to push our projects at an even more accelerated phase and strategically positions us for our ongoing capital raising efforts," Alternergy President Gerry P. Magbanua said.

"We are excited for the coming months as Alternergy is expected to break ground for our Alabat and Tanay wind power projects. At the same time, generation revenues from the Palau project will be recognized in full in the succeeding months following the achievement of commercial operations."

With a healthy cash position of P2.26 billion as of December 2023, the company infused funding to affiliates and subsidiaries to accelerate development of its wind projects and support ongoing construction of the 4.6-megawatt (MW) Dupinga and 7.6-MW Ibulao 1 run-of-river power projects in Nueva Ecija and Kiangan, respectively.

Alternergy's share price went up by 2.7 percent to P0.76 on Thursday.

Read The Rest at :