Alsons Consolidated Resources Inc. (ACR) on Monday bared a P6 billion capital expenditure plan over the next three years during which it will be open to partnerships in its power projects.
“We have always been open to cooperation and partnerships with potential equity investors from similar industries as well as other financial institutions and fund managers in our projects and we will continue to do so in the upcoming years,” said Antonio Miguel Alcantara, ACR chief investment and strategy officer the company’s annual stockholders’ meeting on Monday.
According to Alcantara, the expenditure plan will be financed through a combination of project and term loans and internally generated funds.
In May last year, ACR announced preparations to spend around P6 billion from 2023 to 2025.
The company is focused on boosting its renewable energy capacity in the next few years, with a number of hydroelectric and solar power facilities in the pipeline.
The first of these relate to the 14.5-megawatt (MW) Siguil hydro power plant under construction in Maasim, Sarangani Province targeted for commercial operations before the end of the year.
Alcantara said ACR’s other hydro projects are the 21-MW facility at the Sindangan River, Zamboanga del Norte and the 42-MW plant in Bago River, Negros Occidental.
“We will actively develop and be on the lookout for other hydro related opportunities. We are also actively working on developing solar power projects in Mindanao and have already identified promising opportunities. With the addition of solar as an immediate focus area for our group, we intend to launch our first solar project by the end of 2024,” Alcantara said.
ACR is also constructing an 83-MW inland backup diesel power plant in Bohol to support an upcoming power supply agreement next year to “establish an immediate foothold in Visayas as another avenue for growth.”
ACR’s portfolio includes four power facilities with aggregate capacity of 468 MW serving over eight million people in 14 cities and 11 provinces in Mindanao.
