The country’s renewable energy sector continues to thrive as two local developers signed additional deals.
Alsons Consolidated Resources Inc. (ACR) through the Siguil Hydro Power Corp. signed a P3.3-billion omnibus loan with the Development Bank of the Philippines (DBP) for the construction of a 14.5-megawatt (MW) hydro power project in Maasim, Sarangani Province.
Signed last week, the deal will help ACR fulfill its target for the project to begin commercial operations in the second quarter of 2023.
“The Siguil hydro project is our first foray into renewable energy… eventually, renewable energy sources will comprise at least half of ACR’s long-term energy mix. We hope DBP will be involved in those future projects as well,” said Nicasio Alcantara, Siguil Hydro and ACR chairman and president, in a statement.
The company earlier announced plans to spend as much as P6 billion in the next three years to venture in additional renewable energy projects.
ACR said apart from eight planned hydro power projects including the Siguil project, the company is also developing suitable sites to harness solar energy in areas with the highest irradiance levels in the Philippines.
ACR’s current portfolio includes four power facilities with an aggregate capacity of 468 MW serving over eight million people in 14 cities and 11 provinces in Mindanao.
Meanwhile, Ayala Group’s power generation arm ACEN renewed its power supply deal with Polyfoam-RGC International Corp., manufacturer of Uratex mattresses and foam products, to supply the latter’s energy needs for its nationwide operations.
The parties did not disclose the amount involved in the deal but said this is the third renewal since the partnership started in 2017.
Under the new contract, ACEN will power Polyfoam-RGC’s manufacturing plants in Alabang, Muntinlupa City; Valenzuela City and; Canlubang, Laguna with renewable energy enough to eliminate an estimated 22,750 metric tons of carbon emissions.
Uratex, under the RGC Group of Companies is the country’s largest manufacturer of foam, plastic and textile products for household and automotive use, among other applications. – Jed Macapagal
