ALSONS Consolidated Resources, Inc. (ACR) has re-issued P694 million from its P1.5 billion first tranche of commercial paper issuance with the Philippine Dealing and Exchange Corp.
The Alcantara-led firm said the funding would provide interim capital in its expansion into the renewable energy (RE) sphere.
“We are happy to once again tap the short-term capital market for our working capital needs,” said Robert F. Yenko, ACR chief financial officer, in a statement on Wednesday.
As its initial foray into renewables, the company is building a P4.5-billion 14.5-megawatt (MW) run-of-river hydroelectric power plant at the Siguil River basin in Maasim, Sarangani province. The facility is targeted to start commercial operations in 2022. It will power Sarangani, General Santos City and municipalities of South Cotabato.
“These are exciting times ahead for ACR as we begin to focus on building up our RE portfolio and this facility will greatly help us in these efforts,” Mr. Yenko said.
ACR, which claims to be Mindanao’s first private sector power generating group, has a portfolio of four power plants in the southern island with a total capacity of 468 MW serving more than 8 million consumers in 11 provinces and 14 cities, including Cagayan de Oro, General Santos, Iligan, and Zamboanga.
The firm said the Siguil power plant is the first of eight run-of-river hydroelectric power plants that it plans to build in Mindanao, Negros Occidental and Western Visayas.
It said the next two hydro-power projects in its pipeline are the 38-MW Sindangan facility in Zamboanga del Norte and the 42-MW Bago hydro plant in Negros Occidental.
“Once completed and operational these eight hydro power plants will constitute the bulk of the company’s power facilities,” it said.