Palau lifts Alternergy first quarter earnings
By Maria Bernadette Romero – 12 Nov 2024, 02:53
from Daily Tribune
Photo courtesy of Alternergy
The commercialization of the Palau Solar PV + Battery Energy Storage System Project has driven a significant surge in revenue for Alternergy Holdings Corp., propelling the company to a 124 percent increase in operating revenues for the first quarter of fiscal year 2025.
The company said on Monday that it generated P98 million in operating revenues from July to September.
Notably, the Palau Project accounted for 51 percent of this total, while the Kirahon Solar Farm contributed 46 percent.
“For the first quarter, we have seen higher electricity sales. Excluding the non-recurring income recorded in the same July to September period in 2023, Alternergy’s net income from core operations posted a 63 percent increase, primarily from the start of Palau operations,” ALTER president Gerry P. Magbanua said.
IPO structure
Alternergy follows a fiscal year from July to June, a structure that has been in place since its initial public offering and differs from the calendar year cycle of January to December.
In a separate development, Alternergy made its first dividend payment to holders of preferred shares.
“The dividend declaration to holders of Perpetual Preferred Shares 2 — Series A shares is in fulfillment of Alternergy’s contractual obligations and affirms our commitment to creating and increasing value for our shareholders,” Magbanua added.
Additionally, the company’s board approved the formation of a wholly owned subsidiary to serve as a shared services center for the company and its subsidiaries, focusing on key functions such as accounting, human resources, and legal and technical services.
Last week, Alternergy disclosed that it had invested P1.5 billion into the Tanay Wind Power Project and P1.1 billion into the Alabat Wind Power Project. These investments, along with a P340 million equity infusion into the Hermosa Solar Power Project, are key to ALTER’s progress towards its target of 500 megawatts of renewable energy capacity by next year.
