ALSONS Consolidated Resources, Inc. (ACR) has secured a PRS A plus (corp.) with a “stable outlook’ issuer credit rating from the Philippine Rating Services Corp. (PhilRatings) for the second tranche worth P1 billion from the company’s commercial papers (CPs) program of up to P2.5 billion that it registered with the Securities and Exchange Commission in 2018.
Earlier this year, the company reissued P694 million from the first P1.5 billion tranche of CPs, which will be utilized for the interim funding of its expansion into renewable energy projects.
PhilRatings said a PRS A plus rating means the company has an above average capacity to meet its financial commitments compared to other firms.
ACR is currently building P4.5 billion 14.5 megawatts (MW) run-of-river hydroelectric power plant at the Siguil River basin in Maasim, Sarangani Province which is expected to begin commercial operations in 2022.
Another project in the pipeline is the 105 MW San Ramon Power Inc. (SRPI) baseload coal-fired power plant in Zamboanga City, which is slated to begin operations in 2023.
“Even with the current quarantine, we do not foresee a major delay in the targeted commencement of operations for our Siguil and SRPI projects” said Tirso Santillan, Alsons Power Group’s executive vice president and chief executive officer.
Currently, the company’s operating power assets are the 210 MW Sarangani Energy Corp. coal plant as well as the 103 MW Mapalad Power Corp. in Iligan city, the 55 MW Southern Philippines Power Corp. in Sarangani and the 100 MW Western Mindanao Power Corp. in Zamboanga which are all diesel-fired power facilities.
