Alsons beefs up working capital

MANILA, Philippines — The Alcantara Group’s Alsons Consolidated Resources Inc. (ACR) has beefed up its working capital, raising P516.7 million from the issuance of commercial papers.

The issuance serves as the fourth tranche of the company’s P3-billion commercial paper program with the Philippine Dealing and Exchange Corp.

“The fourth tranche of our commercial paper program offers an efficient and effective way to raise funds that will support this mission,” ACR deputy chief financial officer Philip Edward Sagun said.

ACR said the funds raised would primarily be used for the company’s general working capital purposes.

“We are committed to providing safe, reliable and affordable energy that prioritizes our environment, communities and economy,” Sagun said.

In relation to the issuance of the up to P3 billion commercial papers, ACR last month maintained its issuer credit rating of PRS Aa minus (corp.), with a stable outlook from the Philippine Rating Services Corp.

The rating reflects the company’s strong capacity to meet its financial commitments relative to that of other Philippine corporates. It also indicates that the rating is likely to be maintained and or to remain unchanged in the next 12 months.

ACR’s current power portfolio consists of four power facilities with an aggregate capacity of 468 megawatts (MW), serving over eight million people across 14 cities and 11 provinces in Mindanao.

As part of its commitment to enhance its renewable energy capacity, the company is anticipating the commercial operations of its 14.5 MW hydroelectric power plant in Sarangani Province this year.

It is also developing two other renewable projects, including the 37.8-MW hybrid Siayan Hydro-Solar Power Plant in Zamboanga del Norte and the 42-MW Bago Hydro Power Plant in Negros Occidental.

Last year, the company entered the Visayas energy market with its 95.2-MW In-Island Baseload Backup Power Plant in Bohol.

The facility is designed to provide a reliable backup power source for consumers in Bohol, ensuring continued electricity supply during times when the province is isolated from the Visayas grid due to calamities or natural disasters.