Investment holding company Alsons Consolidated Resources (ACR) is accelerating the development of its renewable energy projects, aiming to double its renewable energy capacity in the next five years.

In its recent annual shareholders meeting, ACR Chairman Nicasio Alcantara said the company expects a continued rise in power demand as the country projects economic growth of 6% to 7% in 2024. ACR in a news release also reaffirmed its commitment to meeting the growing power needs of Mindanao by assessing solar power plant construction in the region.

“Aligned with the Philippines’ goal of increasing the country’s renewable energy capacity, we are actively enhancing our renewable energy portfolio. This includes our hydro power plant in Sarangani and a number of hydro and solar power projects that are currently in various stages of development,” Alcantara said.

ACR said it is gearing up for the commercial launch of its inaugural hydro power project in Maasim, Sarangani, which is the 14.5-megawatt (MW) Siguil Hydro Power Plant. Once operational, this project will significantly contribute to the renewable energy capacity of Sarangani Province. 

Further, ACR noted that its other renewable energy projects “are making significant progress,” including an 8.8-MW hydro power plant, a 29-MW solar power project in Zamboanga del Norte, and a 42-MW hydro power project in Negros Occidental. 

“Plans are well underway, and we expect to launch our first large-scale solar power project by the end of 2024,” Alcantara said. 

Aside from its renewable energy projects, ACR said it is also anticipating the commercial operations of its 95.2-MW In-Island Backup Power Plant in Ubay, Bohol this year. The facility will serve as a backup power source for Bohol during times when power to Bohol from Leyte and Cebu is interrupted by calamities and natural disasters. Bohol’s power is supplied through submarine cables running from Leyte and Cebu. 

“We are committed to driving business growth by maintaining highly efficient plant operations, accelerating our project implementation, and continuously seeking opportunities to expand our footprint,” Alcantara stated. 

In 2023, ACR posted net income of approximately PHP 2.3 billion, a 22% increase from the previous year. This growth was primarily driven by the increasing power demand in Mindanao, the high availability rate of ACR’s power plants, and the participation of the company in the Wholesale Electricity Spot Market. 

ACR reported net income of PHP 479 million for the first quarter, 13% lower than PHP 542.27 million in the same period in 2023. Net earnings attributable to the parent in the first quarter were 3% lower year over year, with a net profit of PHP 151 million. First-quarter revenues decreased by 21% from PHP 3.31 billion to PHP 2.62 billion during the same period last year. 

“The lower income figures were mainly due to the forced outage experienced by Sarangani Energy Corporation’s Plant 1 from December 3, 2023, to February 20, 2024, caused by the magnitude 6.8 earthquake that hit Sarangani province,” ACR Deputy Chief Financial Officer Philip Edward Sagun said.

ACR, a publicly listed company of the Alcantara Group, operates a portfolio of four power facilities with a total capacity of 468 megawatts, serving over eight million people across 14 cities and 11 provinces in Mindanao.