ALSONS CONSOLIDATED Resources, Inc. (ACR) has listed P1.265 billion of its commercial papers on the bond exchange as the listed firm embarks on small hydroelectric power projects to mark its expansion into renewable energy.

“We at Alsons are now focused on developing several run-of-river hydroelectric power plants which will be sources of clean, reliable, affordable and renewable energy for the people of Mindanao and the rest of the Southern Philippines,” said ACR Executive Vice-President Tirso G. Santillan, Jr. during the listing ceremony.

ACR, the listed company of the Alcantara group, will use proceeds from the issuance for general working capital.

The commercial paper, which was listed with the Philippine Dealing & Exchange Corp. (PDEx), is the last tranche of ACR’s P3-billion commercial paper program. It listed its first tranche worth P1.4 billion in July 2021, followed by a P600-million issuance in November of the same year.

ACR currently has a portfolio of four power plants in Mindanao with a total capacity of 468 megawatts (MW).

It is constructing a P4.5-billion 14.5-MW hydroelectric power plant at the Siguil River basin in Sarangani province that it expects to switch on in the second quarter of next year.

The hydropower plant will be the first of eight hydropower facilities that the company plans to develop, the company previously said.

ACR, which is said to be Mindanao’s first private sector power generator, provides electricity to more than eight million people in 14 cities and 11 provinces on the country’s second-largest island.

On Monday, shares in the company were unchanged at P0.96 each at the stock exchange.