SPC Power beefing up its renewables portfolio

Cebu-based energy firm SPC Power Corp. is on the lookout for acquiring or building new power projects to expand its renewable energy portfolio.

“The company will remain steadfast in seeking out potential acquisitions or new projects that will ensure the sustainability of our business over the long term,” SPC Power chair Alfredo Henares told shareholders in their annual meeting held last week.

Cesar Villegas, SPC senior vice president for business and commercial operations, said the listed firm is willing to take in partners to undertake power projects in the pipeline.

“For partners that we may take in, the management is still in talks (with prospective ones). We are not yet in serious discussions but there has been some notices received for this purpose,” Villegas said.

For 2024, SPC Power’s board approved a capital expenditure (capex) of P2 billion, to be used mainly on renewable projects and which will be financed through its cash and other financing activities.

James Roy Villareal, SPC executive vice president, said the company is currently exploring and developing several solar and hydro projects along with battery energy storage projects.

Henares said SPC Power is targeting to add 500 megawatts of power generation capacity in the next five years.

“Looking at the industry today, the company is set to focus its attention this year on sustaining its current operations as well as focusing on its growth projects, specifically in its renewable energy projects,” Villareal said. —JORDEENE B. LAGARE INQ