Alsons Consolidated Resources (ACR) of the Alcantara Group has raised P1.149 billion, which represents the third tranche of its P3-billion commercial paper program.
The proceeds will primarily be used as general working capital, according to the publicly listed firm.
Earlier this year, 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.
The commercial papers are sold to investors looking for short-term investments with low risk.
ACR said it is committed to strengthening its renewable energy projects, aiming for at least 50 percent of its energy mix to come from renewable sources.
The company’s renewable energy (RE) initiatives include the 14.5 MW Siguil Hydro Power plant in Sarangani, which is projected to be completed by the end of 2023. Additionally, ACR has embarked 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. These ventures feature capacities of up to 37.8 megawatts and up to 42 megawatts, respectively.
With a portfolio of four power facilities with a combined capacity of 468 MW, ACR serves over eight million individuals across 14 cities and 11 provinces in Mindanao.
ACR reported P1.8 billion in net income at end-September this year, up 32 percent from the same period a year ago brought about by the strong performance of its power assets in Mindanao.
The company currently has a portfolio of four power facilities with an aggregate capacity of 468MW serving over 8 million people in 14 cities and 11 provinces in the country’s second largest island. The 210MW baseload power plant of its subsidiary Sarangani Energy Corp. (SEC) continues to be the power firm’s income driver. The power facility services key areas in Mindanao including Sarangani Province, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan, and Butuan.
The company’s 100 MW Western Mindanao Power Corporation (WMPC) diesel plant in Zamboanga City and the 103 MW Mapalad Power Corp. (MC) diesel plant in Iligan City, also remains to play a vital role in supplying ancillary services to the National Grid Corporation of the Philippines to help stabilize the power grid in the Western Mindanao Region.