Alsons lists P694 million commercial papers at PDEx

MANILA, Philippines — Alsons Consolidated Resources Inc.(ACR), the holding firm of the Alcantara Group, has listed P694 million worth of its commercial papers at the Philippine Dealing and Exchange Corp.(PDEx) to help augment funding for the firm’s renewable energy (RE) efforts.

In a disclosure to the Philippine Stock Exchange, ACR said the issuance is part of the P1.5-billion tranche of its commercial paper issuance.

“This will provide interim funding to help the company’s expansion into the renewable energy sphere,” ACR said.

ACR, Mindanao’s first private sector power generator, currently has a portfolio of four power facilities in Mindanao with an aggregate capacity of 468 megawatts (MW) serving over eight million people in 14 cities and 11 provinces including key urban center such as Cagayan de Oro,General Santos, Iligan and Zamboanga City.

The company is currently building a P4.5-billion, 14.5-MW run-of-river hydroelectric power plant at the Siguil River basin in Maasim, Sarangani province.

The Siguil hydro power plant is expected to begin commercial operations in 2022 and will provide power to Sarangani province, General Santos City and key municipalities of South Cotabato.

It is the company’s first foray into the RE sphere and will be the first of eight run-of-river hydroelectric power facilities it plans to develop in various areas in Mindanao and Negros Occidental in Western Visayas.

“The next two hydroelectric power facilities in the group’s pipeline are the 38-MW Sindangan hydro plant in Zamboanga del Norte and the 42-MW Bago hydro plant in Negros Occidental,’” the company said.

Once completed and operational, these eight hydro plants will constitute the bulk of the company’s power facilities.

“We are happy to once again tap the short-term capital market for our working capital needs,” ACR chief financial officer Robert Yenko said.

“These are exciting times ahead for ACR as we begin to focus on building up our RE portfolio and this facility will greatly help us in these efforts,” he added.