ALSONS Consolidated Resources Inc. (ACR), the listed company of the Alcantara group engaged primarily in energy and power, and property development businesses, said it is expecting an improvement in its net income and revenues this year.
At the company’s stockholders’ meeting, officials said the firm’s net income will rise by 58 percent to P1.147 billion, while revenues will grow by 2.8 percent to P5.323 billion.
ACR Chairman and President Tomas Alcantara said the growth will be driven by its subsidiary Mapalad Power Corp. (MPC), which is under rehabilitation, and by Sarangani Energy Corp.’s new power facility.
ACR’s power arm, Alsons Power Group, is on track to meet its target power-generation capacity totaling to 588 megawatts (MW) by 2019, company officials said on Friday.
At the stockholders’ meeting of ACR, officials said Alsons Power is doubling efforts to meet the target commissioning of the three power facilities that will boost its power-generation capacity by 330 MW more from the current 258MW.
At present, Alsons Power, through its units, operate the 103-MW diesel power plant of MPC in Iligan City; Southern Philippines Power Corp.’s (SPPC) 55 MW in Sarangani; and the Western Mindanao Power Corp.’s (WMPC) 100 MW in Zamboanga City. All three diesel plants have significantly contributed to alleviating the power shortage in Mindanao.
The balance of 330 MW will come from the 210-MW coal power plant of Sarangani Energy Corporation in Maasim, Sarangani; 105 MW of San Ramon Power Inc. (SRPI) in Zamboanga; and a 15-MW run of river hydroelectric plant.
The SEC plant is in the advanced stages of construction and will begin commercial operations in the fourth quarter of 2015, with an initial capacity of 105 MW. The SEC plant is expected to be operating at its full 210-MW capacity by 2018.
“In 2015 we shall see the beginning of the end to the Mindanao power shortage. By end of this year, SEC will operate the first 105 MW of its 210-MW coal plant in Sarangani. SEC will generate much-needed baseload power to help provide solution to Mindanao,” ACR Corporate Secretary Roberto San Jose said.
The SRPI power facility in Zamboanga is expected to begin construction in 2016 and is slated to operate by 2019. Along with the start of commercial operations of SEC, SRPI’s 105-MW coal plant will generate base-load power for the city of Zamboanga and nearby areas,” San Jose added.
The company had just completed the technical and financial feasibility studies for the 15-MW hydro facility in Sarangani. “We are set to file for declaration for Siguil hydro with the DOE [Department of Energy] in July 2015,” San Jose added.
In all, the target 588 MW by 2019 will fulfill more than 25 percent of Mindanao’s projected peak demand for that year.
“The company is committed to completing the five key project expansion strategy-rehabilitation of Mapalad Power Corp., construction of SEC Section 1 and 2, SRPI and Siguil Hydro Power—as well as ensuring the future competitiveness of the MPC and SPPC as they near the end of their energy conversion agreement with the national government,” Alcantara said.