The Visayas region plays a pivotal role in ensuring the Philippines’ energy stability, both as a major consumer and producer of electricity. Metro Cebu, which includes the cities of Mandaue, Lapu-Lapu, and Cebu, stands out as a significant demand center, accounting for approximately half of the province’s total energy consumption.
The Visayas is set to boost its power capacity through a diverse energy mix, with 25 committed renewable energy (RE) projects—totaling 1,982 megawatts (MW) of mostly solar and wind—slated for completion by 2025. Nearly 90% of upcoming power generation capacity in the Visayas is projected to come from renewable energy and battery storage, signalling a major shift toward cleaner sources.
At the same time, coal remains part of the region’s strategy, with Therma Visayas’ expansion of its 150-MW unit in Cebu and the restoration of Palm Concepcion Power’s 135-MW plant in Iloilo, ensuring baseload stability amid rising demand.
As the energy landscape in the Visayas rapidly evolves, attention turns to the Q1 2025 earnings reports of key energy firms with ongoing developments in the region. These results will reveal whether companies are beginning to reap the rewards of catering to this energy-hungry market.
Greenenergy Holdings Inc. (GHI)
GHI, originally a semiconductor company turned holding firm, now focuses on diverse investments through its wholly-owned energy subsidiary, Winsun Green Ventures, Incorporated. WGVI develops and invests in RE projects, manages RE systems, and provides technical and consultancy services for power generation both within the Philippines and internationally.
Development in the Visayas: WGVI partnered with WRS Holding Inc. and Scheirman Construction to develop a solar-powered mixed-use residential project in Bacolod City. Signed in December 2023, the initiative supports Bacolod’s affordable housing program for informal settler families. A commitment of ₱2 billion has been made to develop 20,000 housing units to be delivered in two stages while integrating RE for sustainable living.
Q1 2025 net income: GHI saw its revenue rise to ₱1.77 million in the first quarter of 2025, up from ₱1.23 million the previous year. Despite this, higher expenses of ₱12.59 million led the company to a loss of ₱10.81 million, slightly worse than the ₱9.73 million loss in Q1 2024. Meanwhile, its total assets dropped a little to ₱1.96 billion, and cash on hand fell by ₱64.4 million.
Performance drivers: GHI’s revenue growth came from its agri-tourism and solar energy projects, while assets and cash fell due to new investments and administrative costs. Though ₱1.37 billion is tied up in related-party loans and receivables, the company is closely managing liquidity and has access to short-term funding. Its debt-to-equity ratio rose slightly to 28%, showing a stable financial position.
PetroEnergy Resources Corporation (PERC)
Founded in 1994 for oil exploration, PERC has since expanded into RE and power generation. The company focuses on choosing projects carefully, partnering with trusted industry players, and managing risks wisely. Through its renewable arm, PetroGreen Energy Corp. (PGEC), PERC holds investments in several joint ventures.
Developments in the Visayas: PGEC has several major projects in the Visayas: the 27-MW Dagohoy Solar Power Plant in Bohol, which began operations in November 2024; a 98-MW solar and 20-MW battery storage project underway in Capiz; and the Nabas Wind Power Project in Aklan, currently expanding from 36 MW to 49.2 MW. PGEC and Denmark’s Copenhagen Energy are also developing a 1,000-MW offshore wind farm in East Panay, set to begin operations by 2033.
Q1 2025 net income: PERC earned ₱1 billion, up 5.81%, boosted by growth in its RE projects despite a drop in oil income. Net income fell to ₱281 million, with ₱143 million going to shareholders. Power sales from geothermal, solar, and wind rose 12.66% to ₱885.3 million, thanks to new output from the Nabas-2 wind project, Dagohoy Solar, and San Jose Solar. Total assets grew to ₱23.8 billion, mainly from investments in wind and solar.
Performance drivers: PERC’s revenue rose due to its growing RE projects, even as oil income dropped by 19.61%. However, higher spending on clean energy expansion and lower profits from its Gabon oil operations reduced overall earnings. Still, the company maintained solid financial health. PERC aims to power up three more Nabas-2 wind turbines by late 2025 and get grid approval for upcoming solar projects.
(Also read: Guimaras Island Barangays Join Power Grid for the First Time)
Vivant Corporation
Vivant invests in different parts of the power sector and is expanding into infrastructure. It operates across the country, focusing on off-grid areas served by the Small Power Utilities Group (SPUG). The company also values partnerships and innovation to support long-term growth and development.
Developments in the Visayas: Vivant owns a 35% stake in Visayan Electric Company (VECO), which serves Metro Cebu and several municipalities in Cebu. The company owns 20% of a 300-MW coal plant in Toledo City and has stakes in Cebu Energy Development Corporation (CEDC), which runs a 246-MW coal facility in the same area. Vivant is also helping develop a ₱2.3-billion waste-to-energy facility in Iloilo City, the first in Western Visayas, designed to process 590 tons of waste daily and generate about 3.5 MW of electricity from biogas.
The project is seen to process 475 tons of waste daily in Iloilo City and 115 tons from Metro Pacific Iloilo Water, and to produce approximately 3.5 megawatts of electric power from biogas and 163 tons of refuse-derived fuel (RDF)..
Q1 2025 net income: Vivant saw strong growth, with core earnings up 42% to ₱318 million and net income rising 26% to ₱284 million. Revenue climbed 24% to ₱2.4 billion, driven by higher output from its power generation and solar businesses. Total assets reached ₱32.8 billion, with ₱20.3 billion in equity and ₱7.3 billion in debt.
Performance drivers: Vivant’s income growth was mainly driven by strong results from its power generation business and its stake in VECO. The energy segment earned ₱505 million, with ₱281 million coming from VECO, up 4% year-on-year. Higher residential power use, driven by warmer weather, led an increase in energy sales.
Alsons Power Group
The Alsons Power Group, part of the Alcantara Group and Alsons Consolidated Resources, Inc. (ACR), is Mindanao’s first private power producer. It runs four power plants with a total capacity of 468 MW, supplying electricity to over eight million people across 14 cities and 11 provinces in the region.
Developments in the Visayas: Alsons Power is expanding into the Visayas with two major projects: a 95.5-MW backup diesel plant in Ubay, Bohol, deliver 57.7 MW and full capacity by 2026 and a 34.8-MW run-of-river hydropower project in Negros Occidental, with construction starting this year.
Q1 2025 net income: ACR earned ₱472 million in net income for the first quarter of 2025, slightly down from ₱479 million the year before. Despite this, the company’s revenues rose 14%, reaching ₱2.99 billion.
Performance drivers: The slight dip in ACR’s net income was due to higher borrowing and administrative costs. However, revenue grew thanks to strong earnings from Sarangani Energy, Western Mindanao Power, and Mapalad Power through ancillary services procurement agreements (ASPAs). Additional income also came from its Siguil hydropower project and retail electricity supply unit.
(Also read: Cebu Sectors Push for Energy Upgrades Amid Rising Demand)
Bottom Line
These ongoing developments are a welcome sign of progress for the Visayas, helping to strengthen the region’s energy grid while supporting its growing demand. As the Visayas continues to expand both economically and demographically, the investments made by these energy firms—and others following their lead—are expected to play a key role in ensuring reliable power, sustainable growth, and greater resilience in the years to come.
Sources:
https://tribune.net.ph/2024/03/26/cebus-economic-growth-and-impending-energy-crisis
https://edge.pse.com.ph/openDiscViewer.do?edge_no=1e99477500451bd9abca0fa0c5b4e4d0
https://edge.pse.com.ph/companyInformation/form.do?cmpy_id=132
https://petroenergy.com.ph/about
https://business.inquirer.net/491608/27-mw-solar-plant-in-bohol-begins-operations/
https://powerphilippines.com/petroenergys-q1-revenue-grows-with-renewables-oil-falls
https://business.inquirer.net/422380/bohol-assured-of-backup-power-with-new-alsons-facility/
https://mb.com.ph/2025/05/16/alsons-q1-net-income-dips-on-higher-expenses