Insider Spotlight
Philippine Rating Services Corp. assigned the notes an issue credit rating of PRS Aa minus with a Stable Outlook, indicating high quality, very low credit risk and a very strong capacity to meet financial commitments. The outlook indicates the rating is likely to remain unchanged over the next 12 months.
Why it matters
Alternergy plans to use the proceeds to advance predevelopment expenses for projects awarded by the Department of Energy under the fourth Green Energy Auction Program, finance other pipeline projects, and support general corporate purposes, including fully paying loans.
PhilRatings cited Alternergy’s growing renewable energy portfolio, experienced shareholders and management, pioneer status in clean energy innovation and recovering profitability. However, it flagged the company’s relatively limited scale and increasing leverage as considerations.
Zoom in
Alternergy had 119 megawatts of installed capacity as of end-March 2026 across the Philippines and Palau. Its Tanay and Alabat wind projects, awarded under GEAP-2, are expected to begin operations by October, lifting operating capacity to 311 MW by year-end.
Projects under development include Liberty Solar, Kalandagan Solar, Alegria Wind and Tayabas North Wind. Its pipeline has a combined potential capacity of 762 MW.
By the numbers
Alternergy’s revenues grew at a compounded annual rate of 44.9 percent from 2023 to 2025, reaching P359.9 million. For the first nine months of fiscal 2026, revenues increased 16.7 percent year-on-year to P304.2 million.
Net income reached P165 million in 2025 after jumping 334 percent, while nine-month fiscal 2026 profit increased 4.3 percent to P113.8 million.
Growth has come with higher leverage. Alternergy’s consolidated debt-to-equity ratio climbed to 4.1 times as of end-March 2026 from 3.0 times at fiscal year-end 2025 as it financed capital-intensive renewable energy projects. — Daxim L. Lucas| Ed: Corrie S. Narisma
