Siguil Hydro Power Corp. of the Alcantara family has inked a P3.3 billion omnibus loan and security agreement with the Development Bank of the Philippines (DBP)) for the 14.5 megawatt (MW) Siguil hydro run of river power plant in Maasim, Sarangani Province.
The Siguil hydro plant is Alson Consolidated Resources Corp.’s first renewable energy project which is expected to start commercial operations in the second quarter of 2023.
Once operational, the Siguil hydro plant will be a source of renewable power to key areas of Mindanao.
Siguil Hydro and ACR chairman and president Nicasio I. Alcantara said renewable energy sources would comprise at least half of ACR’s long-term energy mix.
“We hope DBP will be involved in those future projects as well,” Alcantara said.
Alsons is Mindanao’s first private sector power generator. It plans to develop at least seven more run of river hydro power facilities in Mindanao and other parts of the Southern Philippines.
The group operates four power facilities in Mindanao with a total generating capacity of 468 MW serving over eight million people in 14 cities and 11 provinces in the country’s second largest island.