Alsons Consolidated Resources, Inc. (ACR) listed with the Philippine Dealing and Exchange Corp. the third tranche representing P1.27 billion of the company’s P3 billion commercial paper program (CP).
Proceeds of the fund raising will be used by the company for general working capital purposes, particularly on its venture towards renewable energy (RE) investments.
ACR listed its first tranche of CPs worth P1.4 billion in July 2021 with the second tranche worth P600 million listed in November 2021.
“We are now focused on developing several run-of-river hydroelectric power plants which will be sources of clean, reliable, affordable and renewable energy for the people of Mindanao and the rest of the Southern Philippines. Our commitment to power with care has been made easier by the opportunity to continue to tap the short-term capital market…,” said Tirso Santillan Jr., ACR executive vice president, in a statement.
ACR is constructing a P4.5-billion 14.5 megawatts (MW) hydroelectric power plant at the Siguil river basin in Sarangani Province which will begin operations in the second quarter of next year. – Jed Macapagal
