Listed firm Alsons Consolidated Resources Inc. (ACR) said it is open for potential partnerships in its power projects as it retains a P6 -billion capital expenditure for the next three years.
“We have always been open to cooperation and partnerships with potential equity investors from similar industries as well as other financial institutions and fund managers in our projects and we will continue to do so in the upcoming years,” said Antonio Miguel Alcantara, ACR chief investment and strategy officer, at the company’s annual stockholders meeting yesterday.
Alcantara said the P6 billion will be financed “through a combination of project and term loans and internally generated funds.”
The company is focused on building up its renewable energy capacity in the next few years, with a number of hydroelectric and solar power facilities in the pipeline.
The first of these renewable energy plants is the 14.5 megawatts (MW) Siguil hydro power plant currently under construction in Maasim, Sarangani Province, which is targeted to start commercial operations before the end of the year. ACR’s other ongoing hydro projects are the 21 MW in Sindangan river, Zamboanga del Norte and the 42 MW in Bago river, Negros Occidental.
“We will actively develop and be on the lookout for other hydro related opportunities. We are also actively working on developing solar power projects in Mindanao and have already identified promising opportunities. With the addition of solar as an immediate focus area for our group, we intend to launch our first solar project by the end of 2024,” Alcantara said.
ACR said the company is constructing an 83 MW inland backup diesel power plant in Bohol to support an upcoming power supply agreement to start next year in order to “establish an immediate foothold in Visayas as another avenue for growth.”
