Alsons Consolidated Resources (ACR), intends to allocate a minimum of P6 billion over the next three years as it prepares for expansion in the renewable energy sector.
In a report by the Philippine Star, ACR Chief Investment and Strategy Officer Antonio Miguel Alcantara expressed the company’s commitment to invest further and enhance its power generation portfolio by focusing on renewable energy projects.
ACR is poised to launch its 14.5-megawatt (MW) Siguil hydropower plant in Sarangani Province before the year ends, marking the company’s entry into renewable energy and representing a significant initial investment in their long-term plan, Alcantara said.
Alcantara noted that the company is also actively engaged in the development of two additional projects for their hydro project pipeline, and they are actively pursuing other hydro-related opportunities for future development.
Meanwhile, he mentioned that ACR is actively involved in the progress of solar power projects in Mindanao and has successfully identified promising opportunities in this region.
Alcantara stated that as the group’s immediate priority expands to include solar energy, they aim to initiate their inaugural solar project by the conclusion of 2024.
As they expand beyond Mindanao, ACR is constructing an 83-MW inland backup power plant in Bohol to support an upcoming power supply agreement starting in 2024. This will enable them to establish a prompt presence in Visayas for further growth.
ACR’s portfolio consists of four power plants situated in Mindanao, boasting a combined capacity of 468 MW.
ACR, the pioneering private sector power generator in Mindanao, catering to more than eight million individuals across 14 cities and 11 provinces in the country’s second-largest island, plans to fund its project pipeline through a mix of project and term loans, as well as internally generated funds.
According to ACR Vice President and Chief Financial Officer Alexander Simon, the company anticipates that 2023 will be an even more favorable year for its operations.
He expressed that the company’s expansion into renewable energy projects will serve as the primary factor driving its long-term growth plans.
Simon conveyed his optimism for the upcoming year, emphasizing the positive prospects brought about by the introduction of the Wholesale Electricity Spot Market (WESM) in Mindanao, as well as the company’s establishment of new and reinvigorated partnerships with their customers.
Simon added that the company expects to experience further growth in revenue and profit margins by leveraging additional business from ancillary services and maximizing the utilization of its existing capacities.
