Business World Online
Posted on October 27, 2014 11:49:45 AM | BREAKING NEWS
ALSONS Consolidated Resources, Inc. (ACR) has secured a $73.5-million syndicated loan which it intends to use to pay down debt and fund construction of its power projects.
In a disclosure this morning, the listed holding firm of the Alcantara Group announced that it signed the long-term loan with a consortium of local banks, with UBS AG (Singapore) serving as the arranger.
“ACR will utilize the loan to partially fund its power development projects in Mindanao and repay debts,” a statement attached to its disclosure read.
The two major power projects of ACR are intended to provide stable electricity in Mindanao, which has been experiencing rotating outages amid supply issues.
The projects are the 105-megawatt (MW) coal-fired plant of San Ramon Power, Inc. (SRPI) in Zamboanga City and Sarangani Energy Corp.’s (SEC) 210-MW coal plant in Maasim, Sarangani.
SRPI recently bagged final regulatory approval, a step before financial closing of the $292-million project.
Construction of the power plant will take place within the second half of 2015, with commercial operations scheduled for end-2018.
ACR said the first 105-MW unit of the SEC plant is already 76% complete. The facility will be commissioned by May next year, and commercial operations will follow by October.
“The SEC plant is expected to reach its full 210 MW capacity by the fourth quarter of 2016 or within the first half of 2017,” the company noted.
ACR is also looking at hydropower projects exceeding 100 MW, starting with a 16-MW plant that will be built along the Siguil River in the municipality of Maasim in Sarangani.
“The Siguil project is currently in advanced stages of development and is expected to commence construction in 2015,” ACR said. -- Claire-Ann Marie C. Feliciano source
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