Alsons Consolidated Resources Inc. (ACR) is looking to speed up its renewable energy sector expansion in other parts of the country as the Global Business Power Corp. (GBP) enters its Mindanao power generation holding company.
The two companies signed a shareholders’ agreement where GBP will take in 50 percent in Alsons Thermal Energy Corp. (ATEC) that holds ACR’s baseload coal-fired power plant assets.
The partnership will benefit the power consumers following the planned interconnection between the Visayas and Mindanao grid.
“We look forward to bringing together the technical expertise and unique strengths of our two organizations in ensuring power security in the Southern Philippines,” ACR chairman and president Tomas Alcantara said.
The partnership will also open doors to push renewable energy projects and widen the group’s reach across the country, he added.
“The partnership will also give ACR the opportunity to pursue with greater intensity its other energy-based projects outside of the ATEC umbrella, particularly its renewable power generating plants in Mindanao and Western Visayas,” Alcantara said.
“It will likewise allow ACR to accelerate its foray and entry in other energy-related enterprises in the Southern Philippines and eventually other parts of the country, including the smaller islands with promising growth in power demand,” he added.
In June, ACR and GBP signed an agreement where ACR will acquire a 50 percent interest in ATEC for P4.25 billion that was approved by the Philippine Competition Commission (PCC) in September.