Fresh funding bankrolls Alsons RE expansion

Alsons Consolidated Resources Inc. or ACR, Mindanao's first private-sector power generator, generated P1.149 billion from the successful third tranche issuance of its P3-billion Commercial Paper program.

In a stock report on Wednesday, the company said the additional fund will help the company strengthen its energy projects and hit its target of having an energy mix, half of which is composed of renewable sources.

Earlier this year, ACR received an Issuer Credit Rating of PRS Aa minus from the Philippine Rating Service Corporation in relation to the company's P3-billion Commercial Paper program.

ACR is close to completing its 14.5 MW Siguil Hydro Power plant in Sarangani, its first renewable energy facility in Mindanao.

The company has also embarked on the development of a hybrid hydro and solar power project in Zamboanga del Norte and a hydropower project on the Bago River in Negros Occidental. These ventures feature capacities of up to 37.8 megawatts and up to 42 megawatts, respectively.

ACR, with a portfolio of four power facilities with a combined capacity of 468 MW, serves over eight million people in 14 cities and 11 provinces in Mindanao.