Alcantara family raises P1.26B from debt notes

Alsons Consolidated Resources Inc. (ACR) of the Alcantara family has raised P1.265 billion from the issuance of commercial papers.

This is the third tranche of the company’s ₱3 billion CP program. ACR listed its first tranche worth ₱1.4 billion in July 2021 and the second tranche worth ₱600 million in November last year.

Proceeds from the issuance will be used primarily for general working capital purposes.

ACR executive vice president Tirso G. Santillan, Jr. said the company is now focused on developing several run-of-river hydroelectric power plants, which will be sources of clean, reliable, affordable, and renewable energy for the people of Mindanao and the rest of the Southern Philippines.

“Our commitment to power with care has been made easier by the opportunity to continue to tap the short-term capital market. For this, we are truly appreciative of our continuing partnership with PDEX,” Santillan said.

ACR is Mindanao’s first private sector power generator providing electricity to over eight million people in 14 cities and 11 provinces on the country’s second-largest island.

The company has a portfolio of four power plants in Mindanao with a total capacity of 468 megawatts (MW).

ACR is currently constructing a ₱4.5 billion 14.5 MW hydroelectric power plant at the Siguil River basin in Sarangani Province, which is expected to begin operating in the second quarter of 2023.

The Siguil hydro power plant will be the first of eight hydropower facilities the company plans to develop.

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