The renewable energy developer, chaired by former Energy Secretary Vince Pérez, declared a P40-million cash dividend, equivalent to P0.01 per share, as its expanding portfolio begins generating additional electricity revenues.
The dividend will be paid on Nov. 26 to shareholders of record as of Nov. 20, following Alternergy's P2-billion green corporate notes issuance in September to support its expanding renewable energy business.
"While modest, this dividend declaration reflects our continued financial discipline and focus on long-term sustainability," Alternergy president Gerry Magbanua said in a statement on Tuesday.
The payout comes as the company's 128-MW Tanay and 64-MW Alabat wind farms begin supplying electricity to the Luzon grid, with at least eight turbines already generating pre-commissioning revenues ahead of full commercial operations.
New projects drive growth
The two wind farms, representing 192 MW of capacity, are expected to be completed in the coming months, potentially providing a major boost to Alternergy's recurring revenues.
Earlier this year, the company started operating its 28-megawatt-peak Balsik solar farm in Bataan and 4.6-MW Dupinga hydroelectric plant in Nueva Ecija, establishing an operating portfolio spanning wind, solar and hydro technologies.
"With the upcoming completion of the Tanay and Alabat Wind Farms in the coming months, we expect more robust financials that will yield more value to our shareholders from our Triple Play portfolio," Magbanua said.
—Edited by Miguel R. Camus
