Alsons Consolidated Resources Inc. (ACR) has listed with the Philippine Dealing and Exchange Corp. P1.6 billion from the first tranche of its latest P3 billion commercial paper program.
Philip Edward Sagun, ACR deputy chief financial officer, said in a statement Monday the commercial paper program supports the company’s working capital requirements as it focuses on building its renewable energy capacity, with several hydro and solar power projects in various stages of development.
“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 is set to construct the 37.8 megawatts (MW) Sindangan-Zambo river power plant in Zamboanga del Norte and the 53 MW Bago hydro power plant in Negros Occidental this year.
Last year, the company completed construction and commenced commercial operations of its first hydro power facility in Maasim, Sarangani, the 14.5 MW Siguil hydro power plant.
“We are also anticipating the completion and operation of the first phase of our 95.2 MW Bohol in-island diesel power plant in Ubay, our first power project outside of Mindanao… 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,” Sagun added.
As ACR expands its power portfolio, it is also growing its retail electricity supply (RES) customer base.
Launched last year, ACR’s RES unit has secured two power supply agreements with Holcim Philippines and Metro Retail Stores Group Inc., totaling up to 43 MW.
ACR also remains a key player in the Mindanao energy market through the 237 MW Sarangani Energy Corp. coal-fired power plant, powering key areas in the region including Sarangani province, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan and Butuan, among others.
Moreover, the company provides essential ancillary services to the National Grid Corporation through the 105.8 MW Mapalad Power Corp. in Iligan and the 107 MW Western Mindanao Power Corp. in Zamboanga.
ACR also has the 55 MW Southern Philippines Power Corp. for a total capacity of over 500 MW.
