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Friday, March 29, 2024

Alsons lists initial CP worth P100m

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Alsons Consolidated Resources Inc. on Friday listed an initial P100 million of the company’s P2.5-billion commercial paper at Philippine Dealing and Exchange Corp. to provide interim funding for its foray into renewable energy development. 

Alsons executive vice president Tirso Santillan, Jr. said the ceremonial listing “is a high point in our efforts to tap the short-term capital market for our working capital needs.” 

“We’re looking to add up to 145 megawatts of renewable energy from the eight run-of-river hydro power facilities that we will be developing in various locations in Mindanao and Negros Occidental. This facility will give us the ability to bridge the financial requirements of our projects under development,“ he added.

Proceeds from the commercial papers issuance will be used to partially fund the development of the company’s P4.25 billion run-of-river hydroelectric power project at the Siguil River basin in Maasim, Sarangani province.

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