Alternergy Holdings Corporation (“PSE: ALTER”), a Philippine pioneer in renewable power development, has received a PRS Aa minus with a Stable Outlook from Philippine Rating Services Corporation (PhilRatings) for its proposed issuance of up to P2 billion in fixed-rate corporate notes.

The PRS Aa rating is considered an investment grade rating, signifying that obligations rated at this level are of high quality and subject to very low credit risk, with the obligor demonstrating a very strong capacity to meet its financial commitments. The “minus” further qualifies the rating, while the Stable Outlook indicates that the rating is likely to be maintained over the next 12 months.

According to PhilRatings, the assigned rating reflects Alternergy’s growing renewable energy portfolio amid a favorable industry outlook; the competence and experience of its shareholders and management team; its pioneering track record in clean energy innovation; financial performance on a clear upswing, with net income growing 334% year-on-year, supported by projects with long-term offtake contracts; and its continued access to financing to support growth.

“We are pleased that the PhilRatings’ assessment recognizes the strength of our renewable energy platform, the experience of our team, and the progress we have made in building a growing portfolio of clean energy projects,” said Gerry Magbanua, president of Alternergy Holdings Corporation. “The rating is a strong endorsement as we prepare for our maiden entry into the debt capital markets. We view this rating as validation of our disciplined Triple Play growth strategy, strong corporate governance, and long-term contracted revenue base that underpin our business.”

Proceeds from the proposed corporate notes issuance are intended to support the pre-development expenses of Alternergy’s projects awarded under the Department of Energy’s (DOE) fourth Green Energy Auction Program (GEAP 4), other projects in the company’s development pipeline, and general corporate purposes, including the full payment of loans.

Alternergy currently has a 119 MW operating portfolio across the Philippines and the Republic of Palau. Its portfolio includes solar, wind and mini run-of-river hydro projects. The company expects its operating capacity to increase to approximately 311 MW by end-2026, as its 128 MW Tanay Wind and 64 MW Alabat Wind projects advance toward commercial operations. Both projects were awarded under the DOE’s GEAP 2.

On top of these projects, Alternergy has a growing development pipeline with projects awarded under GEAP 4, including Liberty Solar, Kalandagan Solar, Alegria Wind and Tayabas North Wind, as well as other renewable energy projects with a combined potential capacity of approximately 762 MW.

With its growing portfolio, Alternergy is helping advance the country’s clean energy transition and contribute to the government’s target of increasing the share of renewable energy in the power generation mix to 35% by 2030 and 50% by 2040.

PhilRatings also noted Alternergy’s positive financial trajectory. Consolidated revenues grew from P9.3 million in 2022 to P359.9 million in 2025, while net income increased from P38.0 million in 2023 to P165.0 million in 2025. In the first nine months of fiscal year 2026, revenues increased 16.7% year-on-year to P304.2 million, while net income rose 4.3% to P113.8 million.

The proposed corporate notes issuance remains subject to the completion of the necessary corporate, regulatory and other applicable requirements, as well as market and economic conditions.