Balsik Solar Boosts Alternergy’s Q2 FY2026 Results as Expansion Gains Momentum
Alternergy Holdings Corporation (ALTER) posted improved financial results for the second quarter of fiscal year 2026, supported by initial revenues from its newly completed Balsik Solar Power Plant and steady contributions from its operating renewable assets. Operating revenues rose 4% to Php 188 million from Php 181 million in the same period last year, driven in part by Php 13 million in test revenues from the 28 MWp Balsik Solar facility in Hermosa, Bataan. The plant, which accounted for 7% of total revenues during its testing and commissioning phase, commenced commercial operations in January.
Alternergy President Gerry P. Magbanua said the Balsik contribution signals the beginning of a sustained revenue stream as the company sequentially brings online four projects under its “Triple Play” portfolio of solar, wind, and hydro technologies. These projects, with a combined capacity of 225 megawatts, are expected to further strengthen earnings throughout 2026 as they transition into full commercial operations.
Existing assets continued to provide stable output during the quarter, including the 12.5 MW Kirahon Solar Power Plant, the Palau Solar Power Project with 15.3 MWp solar PV and 12.9 MWh battery energy storage, and the CityMall rooftop solar portfolio. However, revenues from the 54 MW Pililla Wind Farm declined due to lower wind generation during the period.
Financial indicators reflected stronger operating efficiency and disciplined capital management. EBITDA surged 46% to Php 258 million from Php 177 million, supported by higher generation output, improved gross margins, and cost controls. Net income remained steady at Php 84 million. Alternergy also maintained a healthy cash position of Php 5 billion despite capital expenditures and dividend payments, while total assets expanded 26% to Php 22.5 billion. The company recorded Php 5.8 billion in equity infusions and Php 11.8 billion in project finance drawdowns to complete the Tanay Wind, Alabat Wind, and Balsik Solar developments, reinforcing its capacity for sustained growth.
