Alsons and DBP Sign Loan Agreement for Siguil Hydro Power Plant in Sarangani￼
The Alsons Power Group and the Development Bank of the Philippines (DBP) have signed a ₱3.3 Billion omnibus loan and security agreement (OLSA) for the 14.5 mega-watt (MW) Siguil Hydro run of river hydroelectric power plant currently under construction in Maasim, Sarangani Province. The Siguil Hydro power plant; Alsons Power’s first renewable energy project, is expected to begin commercial operations in the second quarter of 2023. Once operational, the Siguil Hydro plant will be a source of renewable power to key areas of Mindanao.
The OLSA was signed by (L-R): DBP Executive Vice President Paul D. Lazaro; DBP Director Rogelio V. Garcia; DBP President Emmanuel G. Herbosa; Siguil Hydro and Alsons Consolidated Resources, Inc (ACR) Chairman and President Nicasio I. Alcantara; Siguil Hydro and ACR Executive Vice President Tirso G. Santillan, Jr. and; ACR and Siguil Hydro Deputy CEO Antonio Miguel B. Alcantara.
Alsons Power; Mindanao’s first private sector power generator, plans to develop at least seven more run of river hydro power facilities in Mindanao and other parts of the Southern Philippines. The group currently operates four power facilities in Mindanao with a total generating capacity of 468 MW serving over eight million people in 14 cities and 11 provinces in the country’s second largest island.
At the signing ceremony, Siguil Hydro and ACR Chairman and President Nicasio I. Alcantara lauded the partnership between Alsons and DBP, “We share a common mission of bridging development gaps to improve the well-being of the people in the communities we are active in, doing so in a sustainable manner, and protecting the environment. …The Siguil Hydro project is our first foray into renewable energy. …eventually, renewable energy sources will comprise at least half of ACR’s long-term energy mix. We hope DBP will be involved in those future projects as well,” Mr. Alcantara said.