ALSONS Consolidated Resources, Inc. (ACR) has raised P1.149 billion from the third tranche of its commercial paper (CP) program, the company said on Wednesday.

“The proceeds derived from this will primarily be used for ACR’s general working capital, showcasing the company’s unwavering commitment to steering economic progress in Mindanao,” the listed energy firm said in a stock exchange disclosure.

The latest tranche, which is part of ACR’s P3-billion CP program, has been listed on the Philippine Dealing and Exchange Corp.

The company listed its first tranche at P620 million in December last year while the second tranche at P1.38 billion was listed in June.

ACR, the Alcantara group’s publicly listed company, had its first commercial paper issuance in 2018.

In March, the company received an issuer credit rating of PRS Aa minus with a stable outlook from the Philippine Rating Services Corp. for its P3-billion commercial paper program.

A PRS Aa minus rating suggests that a company “has a strong capacity to meet its financial commitments relative to other Philippine corporates.” The rating agency assigns a stable outlook when a rating is likely to be maintained or to remain unchanged in the next 12 months.

“ACR is committed to strengthening its renewable energy projects, aiming for at least 50% of its energy mix to come from renewable sources,” the company said.

The company is targeting to complete its 14.5-megawatt (MW) Siguil hydropower plant in Sarangani by the end of the year.

It has also begun the development of a hybrid hydro and solar project in Zamboanga del Norte and a hydropower project in Negros Occidental with capacities of up to 37.8 MW and up to 42 MW, respectively.

ACR, which is said to be Mindanao’s first privately owned power generator, currently has a portfolio of four power plants with a combined capacity of 468 MW.

In the third quarter, the company’s attributable net income declined by 41.4% to P158.5 million from P270.43 million in the same quarter last year.

At the local bourse on Wednesday, shares of the company went down by four centavos or 6.78% to close at P0.55 apiece. — Sheldeen Joy Talavera