Off-grid energy provider DMCI Power Corporation has invested P3.5 billion to supply 55 megawatts of electricity to local cooperatives in remote areas in the Philippines, the company said on Thursday.
DMCI Power currently operates and maintains diesel and bunker-fired facilities in Masbate, Palawan, Oriental Mindoro and Sultan Kudarat.
“We have been investing heavily in these far-flung areas the past couple of years because we believe in their growth potential,” DMCI Power president Nestor D. Dadivas said in a statement. “Now we are posting double-digit growth because of our investments.”
Total electricity sales of DMCI Power rose 19 percent year-an-year in the third quarter to 183.43 gigawatt hours (GWh) from 154.17 GWh.
Robust sales fueled a 12-percent improvement in the company’s bottom line to P342 million from P305 million.
This year, the company is spending another P620 million to build a 2 x 4.95-MW Bunker-Fired Power plant in Aborlan, Palawan, which is scheduled to go online by yearend.
DMCI Power is also switching on its P900-million 3 x 6.3-MW bunker-fired power plant in Irawan, Puerto Princesa City by late 2017.