SM Investments Corp. (SMIC) said its wholly owned subsidiary Philippine Geothermal Production Co., Inc. (PGPC) is expanding its renewable energy capacity to 600 megawatts (MW) through new exploration projects.
“[SMIC] is committed towards harnessing clean energy by increasing its capacity to provide steam. The Philippines’ location within the ‘Ring of Fire’ provides a huge opportunity for a low-carbon source of power,” Frederic C. DyBuncio, president and chief executive officer of SMIC, said in a statement on Tuesday.
PGPC aims to expand its steam output by another 300-MW worth of renewable energy capacity, the company said, adding that this development will increase its geothermal capacity to an estimated 600 MW.
“This is proven by PGPC’s half a century of reliable and consistent production of steam converted into renewable baseload electricity for its communities,” Mr. DyBuncio said.
The company’s new projects are spread across Luzon, specifically in Kalinga, Daklan, Cagayan, and mounts Labo and Malinao. These projects are part of the company’s P3-billion investment per year, PGPC said.
PGPC is the operator of the Tiwi and Mak-Ban steam fields, which SMIC said helped reduce about 57.5 billion kilograms worth of carbon dioxide emissions since the start of its commercial operation.
The steam fields in Tiwi in Albay and Mak-Ban (Makiling-Banahaw) in Laguna and Batangas generate combined geothermal steam enough to produce 300 MW of electricity.
Tiwi is the first commercial-scale geothermal steam field development in Southeast Asia, followed by Mak-Ban. Both have been in operation since 1979.
SMIC said it would remain committed to helping further boost sustainability initiatives through investments in renewable energy, which is part of its “SM Green Movement.”
At the local bourse on Tuesday, shares in the company closed P10 or 1.08% lower at P919 each. — Ashley Erika O. Jose
