Alsons Consolidated Resources Inc. on Friday listed on the Philippine Dealing and Exchange Corp. commercial papers it issued to raise P1.38 billion that will be used to fund its renewable energy projects.
The listed CPs represent the second tranche of the P3 billion securities it plans to issue. The first tranche raised P600 million and was listed on the PDEX in December.
Alsons Consolidated is now focused on developing its renewable energy portfolio, with primary focus on solar power facilities and hydroelectric plants. The first of these projects is the 14.5-megaWatt Siguil hydroelectric dam now under construction in Saranggi Province and is expected to be operational by the end of this year.
Tirso Santillan, Alsons executive vice president and chief executive officer, said during the listing of the CPs that he diversification to renewable will allow it in the future to reduce its reliance on fossil fuel as main source of energy.
“Although we continued to relay on our fossil fuel-fired baseload pants for reliability and cost considerations, in time we expect to increase the contributions of renewable sources to at least 50 percent of our energy mix to lead to a reduction of our carbon footprint,” he said.
Alsons Consolidated is the first private power generation company in Mindanao, where it serves 8 million customers spread across 14 cities and 11 provinces. It has a portfolio of four power plants with a combined capacity of 468 megaWatts.
