Alsons Consolidated Resources (ACR) of the Alcantara Group raised P1.38 billion from the recent offering of commercial papers.
The IOUs represent the second tranche of the company’s P3 billion debt program.
The company earlier raised P620 million from the first tranche of commercial paper issuance which was listed in December of 2022.
Proceeds from the P1.38 billion issuance will be used primarily by ACR for general working capital purposes.
The company is building up its renewable energy capacity,, with several hydroelectric and solar power facilities in the pipeline.
ACR plans to start operations of its 14.5 megawatt (MW) Siguil hydro power plant in Sarangani Province before the end of the year.
“Consistent with our concern for the environment, we are deliberately moving into renewable energy for our capacity expansion. Our next major projects will use run-of-river hydro, and solar power,” ACR executive vice president and chief executive officer Tirso Santillan said.
“Although we continue to rely on our fossil fuel fired baseload plants for reliability and cost considerations, in time we expect to increase the contribution of renewable sources to at least 50 percent of our energy mix to lead to a reduction of our carbon footprint,” he added.