ALSONS Consolidated Resources Inc. (ACR) on Friday said that it had successfully raised P516.7 million from the fourth tranche of its P3-billion commercial paper program.

In a statement, ACR said the company has listed the short-term debt offering with the Philippine Dealing and Exchange Corp. It has said that the proceeds will primarily be used for general working capital purposes.

"The fourth tranche of our commercial paper program offers an efficient and effective way to raise funds that will support this mission," said ACR Deputy Chief Financial Officer Philip Edward Sagun.

ACR currently has four power generation facilities with an aggregate capacity of 468 megawatts (MW), providing electricity to eight million people across 14 cities and 11 provinces in Mindanao.

"ACR is committed to providing safe, reliable and affordable energy that prioritizes our environment, communities, and economy," Sagun said.

The company is anticipating the launch of its 14.5-MW hydroelectric power plant in Sarangani province this year, as well as the development of two other renewable projects in Zamboanga del Norte and Negros Occidental.

Last year, ACR provided a backup power source in Bohol with a 95.2 MW in-island baseload backup power plant in Ubay.

ACR shares fell by three centavos, or 5.26 percent, to 54 centavos each on Friday amid a 0.6-percent dip for the benchmark Philippine Stock Exchange index.