ALSONS Consolidated Resources, Inc. is targeting to issue next year what remains of its first-tranche short-term commercial papers, an official of the listed holding firm said.

鈥淲e have one year to issue all or some remaining from the first tranche. Our commercial paper (CP) program is valid for three years,鈥 Philip Edward B. Sagun, Alsons鈥 deputy chief financial officer, said in an e-mail to 大象传媒 last week.

In its regulatory filing on Friday, the Alcantara-led company said that it listed P620 million from the first tranche of the company鈥檚 P3 billion commercial papers with the Philippine Dealing and Exchange Corp.

For its first tranche, the company is targeting to list around P1.14 billion out of the entire P3-billion debt program, the company said.

In August, Alsons鈥 board of directors approved the issuance of short-term commercial papers, which the company is targeting to issue in one or more tranches.

Proceeds from the issuance of the debt papers will be used for the company鈥檚 general working and capital purposes as part of its goal to expand its renewable energy portfolio by providing 鈥渃lean, reliable, affordable and renewable energy鈥 to Mindanao and certain areas in the Visayas.

鈥淚n the coming years, renewable energy will comprise at least half of Alsons鈥 energy portfolio. The steadfast support of partners like you has helped make all this possible, while allowing us as well to provide investors with an attractive alternative investment outlet thru our CP issuances,鈥 Nicasio I. Alcantara, chairman and president of Alsons, said in a media release.

Alsons is targeting to expand its portfolio in five years with eight run-of-river hydroelectric power facilities in the pipeline. Its 14.5-megawatt (MW) Siguil hydropower plant is expected to begin operations in 2023.

To date, the company has four power plants in Mindanao with a combined capacity of 468 MW.

On Friday, shares in the company rose 2.56% to close at P0.80 per share. 鈥 Ashley Erika O. Jose

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