Alsons Consolidated Resources, Inc. (ACR) plans to tap up to 700 million yen in Japanese government grant to build its first renewable energy project, the 15.1-megawatt (MW) run-of-river hydroelectric power project along Siguil River in Sarangani province.
Tirso G. Santillan, ACR executive vice-president and chief operating officer, said the “joint credit mechanism” or JCM from the Japanese government would form part of the P3.9-billion funding for the project.
“Ang schedule namin (Our schedule) is within the third quarter,” he said, when asked about when the company would start building the power plant.
He said securing the financing for the project depends on its marketing — ACR wants to first secure a power supply agreement for the power plant, which requires regulatory hurdles including going through a competitive selection process.
Mr. Santillan said its long-time Japanese partner Toyota Tsusho Corp. had been invited to join in the venture, and that it had signified its interest because it is keen on renewable energy.
Tomas I. Alcantara, ACR chairman and president, said the project is targeted for completion by the second half of 2020, when the company expects to have build power plants with a total capacity of 483 MW.
The Alcantara group aims to build in the coming years a capacity of up to 200-MW in hydroelectric power. After Siguil, the company is looking at Bago in Negros Occidental as the site of the next project.
ACR currently operates four power facilities in Mindanao. The plants generate a combined capacity of 363-MW and serves more than 8 million people in 13 cities and eight provinces, including urban centers in Davao City, Cagayan de Oro, General Santos, Iligan and Zamboanga City. — Victor V. Saulon

RELATED ARTICLESMORE FROM AUTHOR