Alsons Consolidated Resources Inc. received permit from the Securities and Exchange Corp. to sell P1.265-billion worth of commercial paper.
The company disclosed Wednesday the P1.265 billion in securities represented the third tranche of its P3-billion commercial paper program.
Alsons said it would focus on advancing the development of two run-of-river hydro power projects in the Zamboanga Peninsula and Negros Occidental in 2022.
Alsons executive vice president Tirso Santillan Jr. said the projects are the 21 mega-watt (MW) hydro power plant in Zamboanga del Norte being developed and the Bago river hydro power in Negros Occidental, the company’s first power project outside of Mindanao, with a planned capacity of up to 42 MW.
Santillan said the company’s initial hydro power project, the 14.5-MW Siguil Hydro Plant in Sarangani province, would start commercial operations in the second quarter of 2023.