Alsons Consolidated Resources (ACR), a member of the Alcantara Group, has unveiled plans to build 600MW in additional coal-fired power generating capacity in Mindanao, the Philippines, over the next five years.

The firm is in talks to choose a partner to undertake the $280m power expansion project in the Sarangani province.

ACR chief finance officer Luis Ymson was quoted by Philippine Daily Inquirer as saying that phase I of the coal-fired project will soon commence.

"The company is likely to tap between Japan’s Toyota Tsusho and Thailand’s Electricity Generating (EGCO)," Ymson said.

"If we start this year, we’ll be operational by 2014."

ACR will secure a 75% stake in the project while the foreign partner, which will be chosen by next month, will acquire the remaining 25% interest.

The company will provide 30% in equity funding to finance the first phase of the project, while 70% of the project cost will be secured from debt finance.

ACR is also planning a similar 100MW facility in Zamboanga province, that will replace an existing 100MW diesel plant.

The group’s capacity would be doubled with the planned 300MW coal-fired power plant to be installed near the Tampakan mining site in South Cotabato.

Alsons Consolidated Resources, an investment holding company, is engaged in energy and power, property development, mining, and product distribution businesses primarily in the Philippines.