ALSONS Consolidated Resources, Inc. will raise its renewable portfolio in the coming years, which it expects to deliver nearly half of its earnings.

The Alcantara-led listed holding firm is set to offer P1 billion in the second series of its debt program, the proceeds of which will fund its eight run-of-river hydropower plant projects in the pipeline, the company said in a stock exchange filing on Monday.

“In the next few years, in terms of the number of power facilities, renewable energy will constitute the largest segment in Alsons’ power portfolio,” Alsons Chairman and President Tomas I. Alcantara said in the disclosure.

Out of the eight projects, the 14.5-megawatt (MW) hydropower plant in Maasim, Sarangani province is now under construction and is expected to start operating by 2022.

After completing three renewable facilities, clean power will make up 35% of its income, rising to 45% when five more go online in the future, according to Alsons Deputy Chief Financial Officer Philip Edward B. Sagun.

The company is also developing the 105-MW San Ramon Power, Inc. baseload coal-fired power plant in Zamboanga City, which is expected to begin construction early next year once it gets a construction contract.

Alsons’ P2.5-billion debt service program started in 2018 and is registered with the Securities and Exchange Commission (SEC).

Its latest tranche of issuance was rated PRS A plus by the Philippine Rating Services Corp. (PhilRatings), which means the company has an above-average capacity to meet its financial obligations. It was also given a stable outlook, meaning its rating was likely to be maintained in the next 12 months.

Alsons’ net income soared more than four times to P1.39 billion in the first half from a year earlier, driven by its 210-MW Sarangani Energy Corp. coal-fired baseload plant that was fully operational during the period. Revenue jumped to P5.28 billion from P3.10 billion.

The holding firm is engaged in both power production and real estate. It has four power generators with a combined capacity of 468 MW.

The company said at its recent annual stockholders’ meeting it was considering the sale of its property business.

Alsons shares were unchanged at P1.27 at the close of trading on Monday. — Adam J. Ang