Operating revenues for the period, from July to September 2024, reached P98 million. The Palau Project contributed 51 percent of this total, with the Kirahon Solar Farm making up 46 percent.
Management's view
“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,” Gerry P. Magbanua, president of Alternergy, said in a statement.
Dividend payouts
Alternergy also announced its first-ever dividend payments to holders of its preferred shares, fulfilling its commitment to investors.
“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 to our shareholders,” Magbanua explained.
To support future goals, Alternergy will establish a shared services subsidiary to streamline accounting, human resources, and legal functions.
Funding expansion projects
The company approved a P4.4-billion loan agreement with Alternergy Wind Holdings Corp. for wind projects in Alabat and Tanay.
It has invested P1.5 billion in the Tanay Wind Project and P1.1 billion in the Alabat Wind Project, keeping Alternergy on track to meet its 500 megawatt capacity target by 2025.
