The Securities and Exchange Commission (SEC) has authorized Alsons Consolidated Resources Inc. (ACR) to proceed with the sale of the P1-billion second tranche of the commercial papers (CP) program registered in 2018 of up to P2.5 billion.
SEC said the issuance will provide interim funding for its ongoing projects as it is slated to focus on renewable power sources for the long-term with eight run-of-river hydroelectric power plants in its pipeline one of which is currently under construction.
Once completed and operational these hydro power plants are expected to comprise bulk of ACR’s power facilities.
“We expect renewable energy contribution to ACR earnings will be more than 35 percent in the mid-term once our first three hydro plants are operating. In the long-term, when all eight hydro plants are operating, we project that renewable energy contribution to ACR earnings will be around 45 percent,” said Philip Edward Sagun, ACR deputy chief financial officer.