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Alsons sets P3 billion commercial paper offering to fund first renewable energy project

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/11/17/alsons-logo.jpg"/><figcaption>Alsons Consolidated Resources Inc.</figcaption></figure></div><p>MANILA - Power firm Alsons Consolidated Resources Inc (ACR) is set to raise P3 billion from an offering of commercial paper to fund their first renewable energy project, it told the stock exchange on Tuesday.<br/> <br/>ACR&#x27;s board of directors approved the commercial paper offering, which will be issued in tranches over a three year period, it said. </p><p>An initial P2 billion tranche will be issued on March 2021.</p><p>&quot;Construction for the Siguil Hydro plant – ACR’s first foray into renewable energy, is currently ongoing and targeting completion in 2022 making the Siguil Hydro plant available to supply power to the Provinces of Sarangani and South Cotabato, General Santos City, and other areas in the Mindanao grid,&quot; the company said.</p><p>ACR will spend P4.5 billion on the development of the 14.5-megawatt Siguil Hydro run-of-river hydro power plant in Maasim, Sarangani Province, which is currently under construction. </p><p>&quot;For the rest of the year, we remain cautiously optimistic on the financial performance of the company. We expect higher revenues and profit margins from the full commercial operations of the Sarangani Energy plant. We will also reap the benefits of lower operating costs as we continue to maintain cost efficiency measures,&quot; said Philip Edward Sagun, ACR Deputy Chief Financial Officer.</p><p>ACR said its immediate pipeline includes the 105 MW San Ramon Power Inc coal-fired power plant in Zamboanga City. </p><p>The coal-fired plant will begin construction from 2021 to 2024 and will deliver baseload power to Zamboanga City and nearby areas. The plant costs a total of P16 billion.</p><p>For the long-term, ACR said it will focus on renewables &quot;with at least seven more run-of-river hydroelectric plants in various stages of development.&quot;</p><p>After the Siguil Hydro, the company will develop two more hydro plants namely, the 22 MW Siayan (Sindangan) Hydro power plant in Zamboanga del Norte, and the 42 MW Bago Hydro plant in Negros Occidental, which is the company’s first power venture outside of Mindanao. </p><p>ACR currently has four power plants with an aggregate capacity of 468 MW, serving more than 8 million people in 14 cities and 11 provinces in Mindanao.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/24/20/alsons-says-pipeline-power-projects-on-track-to-boost-pandemic-recovery">Alsons says pipeline power projects on track to boost pandemic recovery</a></li>	<li><a href="https://news.abs-cbn.com/business/05/23/19/cost-cutting-drives-alsons-income-growth">Cost-cutting drives Alsons income growth</a></li></ul><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/r_mFjZTM8Lw?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Power firm Alsons Consolidated Resources Inc (ACR) is set to raise P3 billion from an offering of commercial paper to fund their first renewable energy project, it told the stock exchange on Tuesday.<br /> </p>

Power firm Alsons Consolidated Resources Inc (ACR) is set to raise P3 billion from an offering of commercial paper to fund their first renewable energy project, it told the stock exchange on Tuesday.