Alsons Consolidated Resources Inc., the publicly-listed company of the Alcantara Group, listed its P1.6-billion commercial papers (CP) with the Philippine Dealing and Exchange Corp. (PDEx) Monday, representing the first tranche of the company’s P3-billion CP program.
“ACR is committed to helping address the country’s growing demand for reliable and affordable power. This commercial paper program provides us with an efficient and cost-effective way to support our working capital requirements, enabling us to fulfill our mission of unlocking potential and empowering progress in Mindanao and beyond,” said Alsons deputy chief financial officer Philip Edward Sagun.
Alsons said in its prospectus it would use the proceeds from the CP issuance to refinance its maturing short-term obligations and for working capital purposes.
The company said it is focused on building its renewable energy capacity with several hydro and solar power projects in various stages of development.
It completed the construction and commenced the commercial operations of the 14.5-megawatt Siguil hydro power plant, Alsons’ first hydro power facility in Maasim, Sarangani, last year.
It also remains a key player in the Mindanao energy market through the 237-MW Sarangani Energy Corp. baseload power plant.
The company also provides essential ancillary services to the National Grid Corporation through the 105.8-MW Mapalad Power Corp. in Iligan and 107-MW Western Mindanao Power Corp. in Zamboanga.
“We are also anticipating the completion and operation of the first phase of our 95.2-megawatt Bohol In-Island Diesel Power Plant in Ubay, our first power project outside of Mindanao,” Sagun said.
“The project is designed to provide a reliable backup power source for consumers in Bohol, ensuring a continuous electricity supply when the province is isolated from the Visayas grid due to calamities or natural disasters,” he said.
Alsons also plans to grow its retail electricity supply (RES) customer base.
Its RES unit secured two power supply agreements with Holcim Philippines and Metro Retail Stores Group Inc., totaling 43 MW.
“We are optimistic about the expansion of our retail electricity supply unit as we continue to enhance our market presence, improve our operational capability, and develop our power assets,” said Sagun.