Alsons Consolidated Resources (ACR), the publicly-listed company of the Alcantara Group, announced Wednesday announced the successful third tranche issuance of its P3-billion commercial paper program.
The latest issuance, valued at P1.149 billion, was listed on the Philippine Dealing and Exchange Corp. (PDEx).
“The proceeds derived from this will primarily be used for ACR’s general working capital, showcasing the company’s unwavering commitment to steering economic progress in Mindanao,” Alsons said in a disclosure to the Philippine Stock Exchange.
ACR received an Issuer Credit Rating of PRS Aa minus from the Philippine Rating Service Corp. in relation to the company’s P3-billion commercial paper program earlier this year.
The company is embarking on the development of a hybrid hydro and solar power project in Zamboanga del Norte and a hydro power project on the Bago River in Negros Occidental with capacities of up to 37.8 megawatts and up to 42 megawatts, respectively.
The move is part of Alsons’ commitment to strengthening its renewable energy projects, aiming for at least 50 percent of its energy mix.
Alsons is also nearing completion of its 14.5-MW Siguil hydro power plant in Sarangani targeted by the end of 2023.
The company has a portfolio of four power facilities with a combined capacity of 468 MW serving eight million individuals across 14 cities and 11 provinces in Mindanao.
Alsons reported net earnings of P1.8 billion in the first three quarters of 2023, a 32-percent growth from P1.35 billion last year.