Alsons taps local, foreign banks on $73.5-M loan to cover debts, power projects

Alcantara Group's Alsons Consolidated Resources Inc. has borrowed a total of $73.5 million from several local and foreign banks to repay debts and finance power projects.

 

In a disclosure to the Philippine Stock Exchange Monday, Alsons said it will use the loan – arranged by UBS AG (Singapore) – to fund power projects in Mindanao, namely the 105-megawatt (MW) San Ramon Power Inc. in Zamboanga City and the 210-MW Sarangani Energy Corp. in Maasim, Sarangani.

 

The Sarangani plant will start operating its 105-MW section by October 2015, with full capacity expected by the fourth quarter of 2016 or the first half of 2017.

 

Alsons is also embarking on renewable energy (RE) projects, particularly in run-of-river hydroelectric plants and solar power.

 

First of the RE projects is the 16-MW hydroelectric facility at the Siguil River, also in Maasim, Sarangani. It will start construction in 2015. – Danessa O. Rivera/VS, GMA News