Alsons Consolidated Resources Inc. on Friday listed P1.38 billion worth of commercial papers with the Philippine Dealing and Exchange Corp., the second tranche of the company’s P3-billion CP program.
“Consistent with our concern for the environment, we are deliberately moving into renewable energy for our capacity expansion. Our next major projects will use run of river hydro, and solar power,” Alsons executive vice president and chief executive Tirso Santillan said during the listing ceremony.
“Although we continue to rely on our fossil fuel fired baseload plants for reliability and cost considerations, in time we expect to increase the contribution of renewable sources to at least 50 percent of our energy mix to lead to a reduction of our carbon footprint,” Santillan said.
Alsons said it would use the proceeds primarily for general working capital purposes.
The first tranche amounting to P620 million was listed in December 2022. This was the third CP program for the publicly-listed company of the Alcantara Group, which had its first CP issuance in 2018.