ALSONS Consolidated Resources, Inc. is in the process of completing the development phase of two new hydropower plant projects, the company said on Thursday, as it stepped up its entry into renewable energy with an expected capacity of 78.5 megawatts (MW).
The Mindanao power generator will be adding seven more run-of-river hydroelectric power plants to its portfolio after announcing its initial venture into renewables via the 14.5-MW Siguil hydro power plant in Sarangani province.
The next two hydropower plants in Zamboanga del Norte and Negros Occidental “are now in the process of completing the development phase as we expect to be able to update you on their status towards the end of this year,” Alsons Executive Vice-President Tirso G. Santillan, Jr. said at the listed company’s annual stockholders meeting.
The Siayan (Sindangan) hydro power plant in Zamboanga del Norte will have a capacity of 22 MW, while the Bago hydro plant in in Negros Occidental will have 42 MW.
Alson’s 105-MW San Ramon Power, Inc. coal-fired power plant in Zamboanga City will start operations in 2024.
“We intend to use both internally-generated funds as well as tapping into the capital markets to fund our various projects,” Alsons Vice-President and Group Chief Finance Officer Alexander Benhur M. Simon said.
Alsons in January announced that it earmarked P6.54 billion in capital expenditures for four projects, including its first three hydroelectric power plants.
The P4.5-billion Siguil run-of-river hydroelectric power plant, which is under construction at the Siguil River in Maasin, is set to start commercial operations next year.
The company’s net income attributable to the parent more than doubled to P325 million in 2020 compared to a year earlier, which it attributed largely on its 210-MW Sarangani Energy Corp. baseload thermal plant in Maasim, Sarangani.
Its Azuela Cove township in Davao City, developed in partnership with Ayala Land, Inc., also contributed.
At present, Alsons has a portfolio of four power plants in Mindanao with a total capacity of 468 MW. The facilities serve more than 8 million people in 14 cities and 11 provinces in the island, it said.
“The company foresees stable energy demand in Mindanao for the rest of 2021,” it said in a statement.
Shares in Alsons closed unchanged at P1.33 each on Thursday. — Jenina P. Ibañez