SM Investments boosts renewable energy portfolio
MANILA -A subsidiary of conglomerate SM Investments Corp. (SMIC) is boosting its renewable energy investments this year by increasing its steam production by 300 megawatts (MW) thanks to new projects in the pipeline.
According to SMIC, the new exploration projects of its subsidiary, Philippine Geothermal Production Co. (PGPC), will pull up the company’s geothermal capacity to about 600 MW.
PGPC’s upcoming projects are set to operate in Northern Luzon (Kalinga, Daklan, Cagayan) and Southern Luzon (Mt. Labo and Malinao), and will form part of the company’s P3-billion total annual investment.
“SM is committed toward 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,” SMIC president and chief executive officer Frederic DyBuncio said in a statement.
PGPC currently operates and manages the Mak-Ban and Tiwi geothermal fields that spans the provinces of Batangas, Laguna and Albay.
As of March this year, SMIC said both fields helped reduce 57.5 billion kilograms in carbon dioxide emissions—equivalent to 188,802 hectares of forest area—since beginning commercial operations in 1979.
In 2018, the Department of Energy awarded a geothermal service contract to PGPC for exclusive rights to explore, develop and utilize resources of the Mt. Malinao geothermal power project.