The Alcantara Group’s Alsons Consolidated Resources (ACR) raised P620 million from the recent offering of commercial papers.
Proceeds will be used primarily for general working capital purposes.
The issuance represents the first tranche of ACR’s P3 billion commercial paper program.
“Our continuing partnership with PDEx has helped us in fulfilling our commitment to provide clean, reliable, affordable and renewable energy for the people of Mindanao and key areas of the Visayas,” ACR chairman and president Nicasio Alcantara said.
Alcantra said renewable energy would comprise at least half of ACR’s energy portfolio in the coming years.
The company currently has around eight run-of-river hydroelectric power facilities in the pipeline.
The first of these hydroelectric power plants is the 14.5 megawatt (MW) Siguil hydro power plant currently under construction in Maasim, Sarangani Province.
The project is targeted to begin operations in 2023.