by Danessa O. Rivera – November 28, 2015 – 12:00am
from The Philippine Star
MANILA, Philippines – Alsons Consolidated Resources Inc., the publicly-listed holding company of the Alcantara Group, has raised P7.5 billion through the issuance of corporate notes.
In a statement, Alsons said it entered into an omnibus notes facility and security agreement for the issuance of fixed rate corporate notes worth P7.5 billion.
The issuance will have five-year and seven-year tranches, proceeds of which will be used to prepay an existing loan facility and to finance investments in power-related assets.
Alsons tapped ING Bank N.V., Manila Branch as issue manager and bookrunner for the transaction.
Alsons is currently operating the 103-megawatt (MW) diesel power plant of Mapalad Power Corp. (MPC) in Iligan City, the 55-MW power plant of Southern Philippines Power Corp. (SPPC) in Alabel, Sarangani and the 100-MW Western Mindanao Power Corp. (WMPC) plant in Zamboanga City.
It is also developing coal-fired power facilities to help provide a stable source of baseload power for Mindanao and ensure long-term power security for the island. These are the 105-MW San Ramon Power Inc. (SRPI) plant in Zamboanga City and the 210-MW Sarangani Energy Corp. (SEC) plant in Maasim, Sarangani.
The first 105 -MW section of the SEC plant will begin commercial operations in the first quarter of 2016 while the next 105-MW is expected to be operating in 2018.
The SRPI power facility in Zamboanga City is expected to begin construction in 2016 and is slated to operate by 2019.
Alsons is also venturing into renewable energy with the development of a 15-MW run-of-river hydroelectric plant along the Siguil River in Maasim, Sarangani, targeted to begin construction in 2016.
By 2019, the firm will have a total generating capacity of 588-MW, which will fulfill more than 25 percent of Mindanao’s projected peak demand for that year.
Apart from power generation, the Alcantara Group is also engaged in aquaculture and agribusiness, property development and services.