Alternergy aims to double asset base to P50B in two years

Insider Spotlight

• Alternergy plans to double its asset base to P50 billion within two years through P26 billion in new renewable energy projects.
• The company is seeking P20 billion in bank financing and P6 billion in equity to develop 320 megawatts of solar and wind capacity.
• Its expansion includes solar panels over fishponds in Central Luzon, a solar-battery project in Mindanao and Cebu's first wind farm.

Alternergy Holdings Corp. plans to double its asset base to P50 billion within two years as the renewable energy developer prepares to invest P26 billion in three major projects across the Philippines.

Alternergy chair Vince Perez said the company, which currently has approximately P25 billion in assets, expects its next round of investments to substantially expand its balance sheet by 2028.

"We're gonna double the company in two years," Perez said during a briefing following the company's annual stockholders' meeting.

Financing the expansion

The ambitious expansion involves 320 megawatts (MW) of new renewable energy capacity, part of the company's 464-MW pipeline awarded under the Department of Energy's fourth Green Energy Auction (GEA-4).

Vince Perez

The Alternergy chair said their "triple play" in the energy sector helps insulate the firm from industry volatility.

Alternergy president Gerry Magbanua said the company is negotiating with four banks to secure P20 billion in project financing, with the remaining P6 billion to come from equity.

Perez said the company's planned green bond issuance, including an initial P4-billion tranche, would help fund its equity requirements.

Three major developments

The biggest project involves a 140-MW solar installation above an operating fishpond in Central Luzon, allowing electricity generation and fish production to coexist on the same property.

Gerry Magbanua

The Alternergy president stressed that many projects will henceforth be initiated outside Luzon.

A second project involves a 100-MW solar farm with battery energy storage in Mindanao, while an 80-MW wind farm in Alegria, Cebu, would become the province's first wind power development.

Building operating capacity

The expansion follows the commissioning of Alternergy's 28-MW Balsik Solar Farm and 4.6-MW Dupinga Hydropower Plant earlier this year.

Two larger developments—the 64-MW Alabat Wind Farm and 128-MW Tanay Wind Farm—have begun generating commissioning revenues. Full commercial operations are targeted for December 2026 and January 2027, respectively.

Alternergy reported a 31-percent increase in fiscal 2026 revenues to P471.8 million, while net income rose 2 percent to P168.2 million.

The company is pursuing a longer-term target of developing one gigawatt of renewable energy capacity by 2030.

— Edited by Daxim L. Lucas