Siguil Hydro Power Corp., a unit of Alsons Consolidated Resources Inc., signed a P3.3-billion omnibus loan and security agreement with the Development Bank of the Philippines to fund the construction of a 14.5-megawatt run-of-river hydropower plant in Sarangani province.
“We share a common mission of bridging development gaps to improve the well-being of the people in the communities we are active in, doing so in a sustainable manner, and protecting the environment,” said Alsons chairman and president and Siguil Hydro chairman and president Nicasio Alcantara.
Siguil Hydro, Alson’s first renewable energy project, is under construction in Maasim, Sarangani.
It is expected to begin commercial operations by the second quarter of 2023. Once operational, the Siguil hydro plant will provide renewable energy to critical areas of Mindanao.
“Eventually, renewable energy sources will comprise at least half of ACR’s long-term energy mix. We hope DBP will be involved in those future projects as well,” Alcantara said.