Alsons Consolidated Resources, Inc. has listed its P1.38 billion worth of commercial papers with the Philippine Dealing and Exchange Corporation (PDEx).
In a disclosure to the Philippine Stock Exchange, the firm said this is the second tranche of the company's P3 billion Commercial Paper (CP) Program.
The first P620 million tranche of this particular CP issuance was listed in December of 2022. This is the third such CP Program for the publicly-listed company of the Alcantara Group which had its first CP issuance in 2018.
Proceeds from the issuance will be used primarily for general working capital purposes.
ACR said it is now focused on building up its renewable energy capacity in the next few years, with around several hydroelectric and solar power facilities in the company's pipeline.
The first of these renewable energy plants is the 14.5 mega-watt (MW) Siguil Hydro power plant currently under construction in Maasim, Sarangani Province, which is targeting to begin operations before the end of 2023.
"Consistent with our concern for the environment, we are deliberately moving into renewable energy for our capacity expansion,” said ACR Executive Vice President and CEO Tirso G. Santillan during the listing ceremony.
He added that, “Our next major projects will use run of river hydro, and solar power... 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."
ACR has sustained its issuer credit rating of PRS Aa minus (corp.) with a Stable Outlook from the Philippine Rating Services Corporation (PhilRatings). The rating was made in relation to ACR's issuance of up to P3.0 billion in Commercial Papers (CP).
According to PhilRatings, a company with a PRS Aa rating "has a strong capacity to meet its financial commitments relative to other Philippine corporates."
The rating agency assigns a Stable Outlook when a rating is likely to be maintained or to remain unchanged in the next twelve months.
ACR is Mindanao's first private sector power generator providing electricity to over eight million people in 14 cities and 11 provinces in the country's second largest island.
The company currently has a portfolio of four power plants in Mindanao with a total capacity of 468 MW.