Photo from Alsons Consolidated Resources Inc/WEBSITE
MANILA, Philippines — Alcantara-led Alsons Consolidated Resources Inc. (ACR) has raised P1.6 billion from the sale of commercial papers, with the new funds supporting its power expansion.
The firm announced Monday that the first tranche of its P3-billion commercial paper program has been listed on the Philippine Dealing and Exchange Corp. (PDEx), just less than a week after it gained regulatory approval.
Commercial paper is considered a short-term debt instrument conducted by companies to raise additional capital earmarked to settle immediate funding needs.
According to ACR deputy chief financial officer Philip Edward Sagun, the commercial paper program beefs up the group’s target of growing its energy portfolio, particularly in the Mindanao region.
“ACR is committed to helping address the country’s growing demand for reliable and affordable power,” he said.
Several hydro and solar power projects are now “in various stages of development,” the firm said.
In 2024 alone, Alsons made its first hydropower facility in Maasim, Sarangani up and running. The plant has 14.5 megawatts (MW) of capacity.
Aside from the newly fired-up hydro plant, the group’s portfolio also includes four other energy facilities with a capacity of 468 MW, delivering power to millions of people in Mindanao. The group claimed it was “a key player” in the energy market in that area, specifically through its 237-MW Sarangani Energy Corp. baseload power plant, which covers Sarangani Province, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan, and Butuan, among others.
“We are also anticipating the completion and operation of the first phase of our 95.2-megawatt Bohol InIsland 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,” the official added.