MANILA -- Top management of Alsons Consolidated Resources, Inc. (ACR) announced that it is set to complete three major power projects within the next three years.
They include the second section of Sarangani Energy Corporation baseload coal-fire power plant; the 15-megawatt Siguil Hydro Project; and the San Ramon Power Power, Inc. baseload coal-fired power plant, ACR executive vice president and chief operating officer Tirso Santillan told the Philippine News Agency (PNA) on Friday.
"The second section of Sarangani Energy Corporation (SEC) has a 105-megawatt capacity. This is the second section of 105-megawatt power facility in Maasim, Sarangani Province," he said.
Santillan said when operations begin in the first quarter of 2019, the SEC will provide baseload power to about six million residents of Sarangani, General Santos City, Cagayan De Oro City, Koronadal, Kidapawan, Iligan, Dapitan, Dipolog, Pagadian, Butuan, Digos, Samal, Compostela Valley, South Cotabato, Agusan del Norte, Agusan del Sur, Davao del Norte, Davao del Sur, Zamboanga del Norte and Zamboanga del Sur.
"(For SEC), we will get the funding from a combination of equity investments and a syndicated loan with a 13.5-year tenor with a three-year grace period," he added.
The Siguil Hydro Project, on the other hand, is a prospective "run-of-river hydroelectric plant" in Siguil River basin in Maasim, Sarangani, according to Santillan. Expected to be finished by the second half of 2020, it will provide additional power for the people of Sarangani and General Santos City.
Meantime, San Ramon Power, Inc. in Sitio San Ramon, Talisayan, Zamboanga City, is expected to be operational by the second half of 2021. This will generate up to 105 megawatts capacity, he said.
Santillan said the mode of financing for Siguil Hydro Project and San Ramon Power, Inc. is yet to be finalized.
The executive noted that the locations of these projects were chosen based on proximity of customers, and other factors such as strong ties with host communities, peace and order situation. Technical factors such as proximity to transmission lines were also considered.
"(With these projects), the people in our service areas, through their respective power distribution utilities and electric cooperatives, will enjoy the safe, reliable power (supply)," Santillan said.
Meanwhile, during its stockholders' meeting on Thursday, management announced a 27 percent increase in its net income for the first quarter of 2018, or PHP103 million against PHP81 in the same period in 2017.
It was also reported that revenues for the first quarter was PHP1.678 billion, from PHP1.648 billion in the first quarter of 2017.
"Gross profits in the first quarter of 2018 rose to PHP501 million, from PHP463 million in the first quarter last year," ACR's management added.
Robert Yenko, ACR chief financial officer, attributed the increase in revenue and profit to the operations of the first section of the SEC baseload coal-fired power plant. (PNA)
