Alsons Consolidated Resources Inc. (ACR), the publicly listed firm of the Alcantara Group, is ramping up its power expansion initiatives, backed by the issuance of P1.6 billion in commercial papers under its P3-billion Commercial Paper Program.
The securities were listed with the Philippine Dealing and Exchange Corp. (PDEx).
ACR deputy chief financial officer Philip Edward Sagun said in a stock exchange report on Monday that the fundraising effort provides the company with the necessary capital to support a growing portfolio of power projects.
“ACR is committed to helping address the country’s growing demand for reliable and affordable power. This Commercial Paper program provides us with an efficient and cost-effective way to support our working capital requirements, enabling us to fulfill our mission of unlocking potential and empowering progress in Mindanao and beyond,” Sagun said.
The company has been accelerating its renewable energy push, with several hydro and solar projects in the pipeline.
Last year, ACR commenced commercial operations of the 14.5-megawatt Siguil Hydro Power Plant in Maasim, Sarangani, marking its first venture into hydropower.
At the same time, ACR remains a baseload power provider in Mindanao, supplying electricity to major areas such as General Santos, Cagayan de Oro, Iligan and Butuan through its 237-megawatt (MW) Sarangani Energy Corp. plant.
It also provides ancillary services to the National Grid Corporation of the Philippines through its 105.8-MW Mapalad Power Corp. in Iligan and 107-MW Western Mindanao Power Corp. in Zamboanga.
Beyond Mindanao, ACR is making its first foray into the Visayas with the development of the 95.2-MW Bohol In-Island Diesel Power Plant in Ubay.
“We are also anticipating the completion and operation of the first phase of our 95.2-megawatt Bohol In-Island Diesel Power Plant in Ubay, our first power project outside of Mindanao,” Sagun said.
“The project is designed to provide a reliable backup power source for consumers in Bohol, ensuring a continuous electricity supply when the province is isolated from the Visayas grid due to calamities or natural disasters.”