Alsons lists 4th tranche of Php 3 billion Commercial Paper Program with PDEx

Alsons Consolidated Resources Inc. (ACR) of the Alcantara Group successfully raised Php 516.7 million worth of Commercial Paper (CP) from the fourth tranche of its ₱3 billion CP Program with the Philippine Dealing and Exchange Corporation (PDEx) The funds raised will primarily be used for ACR’s general working capital purposes.

“We are committed to providing safe, reliable, and affordable energy that prioritizes our environment, communities, and economy. The fourth tranche of our Commercial Paper program offers an efficient and effective way to raise funds that will support this mission,” said ACR Deputy Chief Financial Officer Philip Edward Sagun.

Last month, ACR maintained its Issuer Credit Rating of PRS Aa minus (corp.), with a stable outlook from the Philippine Rating Services Corporation (PhilRatings). This rating was made in relation to the issuance of up to P3.0 billion CP.

This PRS Aa minus (corp.) rating highlights ACR’s strong capacity to meet its financial commitments relative to that of other Philippine corporates and that the rating is likely to be maintained and or to remain unchanged in the next 12 months.

In determining ACR’s credit rating, PhilRatings took into account several factors. This includes the full operations of the Mindanao-Visayas Interconnection Project (MVIP) and the commencement of both the Wholesale Electricity Spot Market (WESM) and Retail Competition and Open Access (RCOA) in Mindanao, which is seen to provide additional income streams for the company.

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

Committed to enhancing its renewable energy capacity, ACR is anticipating the commercial operations of its 14.5 MW hydroelectric power plant in Sarangani Province this year. Additionally, it is developing two other renewable projects: 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. In 2023, ACR entered the Visayas energy market with its 95.2-MW In-Island Baseload Backup Power Plant in Brgy. Imelda, Municipality of Ubay, Bohol. This 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.

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