ALTERNERGY Holdings Corp. is set to raise P15 billion to develop 191 megawatts (MW) of additional renewable energy (RE) capacity.

Gerry Magbanua, Alternergy president, told reporters in a briefing yesterday the amount will be raised via debt, 75 percent, and internally generated funds, 25 percent.

“The 225 MW funding has been locked in but the additional 190 or 200 MW, that’s something that we will continue to seek funding for in the next few months… And normally, once we implement a project, we typically do it in a project finance basis,” Magbanua said.

Alternergy said five of its projects are under construction. These have a combined capacity of 242 MW and are expected to be operational by end 2025.

The five RE projects under construction are the 128 MW Tanay wind power project in Rizal; the 64 MW Alabat wind power project in Quezon; the 28 MW-peak Solana solar power project in Bataan; the 4.6 MW Dupinga run-of-river hydro project in Nueva Ecija and; the 17.4 MW Kiangan run-of-river project in Ifugao Province.

Alternergy targets to achieve an RE portfolio of 500 MW by 2026.

The company’s existing RE portfolio is at 86 MW.

In a disclosure to the Philippine Stock Exchange yesterday, Alternergy reported a 239 -percent increase in consolidated net income to P130 million for the year ending June 2024, improving from P38 million in 2023.

Revenues jumped  60 percent to P275 million while consolidated assets improved by 79 percent to P8.7 billion.