ALSONS Consolidated Resources, Inc. said on Monday that it is exploring various partnerships to increase the share of renewable energy in its power generation portfolio.
“We have always been open to cooperation and partnerships with potential equity investors from similar industries as well as other financial institutions and fund managers in our projects and we will continue to do so in the upcoming years,” Antonio Miguel B. Alcantara, chief investment and strategy officer of Alsons, said during the company’s annual stockholders’ meeting.
The company is allocating an estimated P6 billion for capital expenditures over the next three years, he also said.
“We shall finance our projects through a combination of project, term loans and internally generated funds,” he noted.
Mr. Alcantara also said the company will continue to invest and expand its power generation portfolio by adding more renewable energy projects.
For 2023, the company expects to start the commercial operations of its 14.5 megawatts (MW) Siguil hydropower plant, while its Siayan hydro project in Zamboanga del Norte and the Bago hydro project in Negros Occidental are poised for development.
With these developments, Mr. Alcantara said the company is continuously on the lookout for other hydropower-related opportunities.
“As we move forward in developing our renewable energy projects one after the other, we are able to continuously improve our approach and methodology leading to reductions in project-related costings, allowing us to achieve greater returns, be more competitive and embed ourselves to more communities as we move forward to power Mindanao,” he said.
The company is hoping to diversify its power generation with the addition of solar power as an immediate focus areal.
“We intend to launch our first solar project by the end of 2024,” Mr. Alcantara said.
To date, Alsons has four power facilities with a combined capacity of 468 MW. The company serves 14 cities and 11 provinces in the country.
At the local bourse on Monday, shares in the company closed unchanged at 72 centavos each. — Ashley Erika O. Jose
