SMIC expands renewables biz with geothermal power

Sy family-led SM Investments Corp. (SMIC) is ramping up its renewables efforts as it eyes more opportunities outside geothermal and solar power sources.

The parent firm of the SM Group said on Tuesday that it has begun exploring new growth streams, particularly in the wind sector. However, no further details were provided on this plan when asked.

Frederic DyBuncio, president and chief executive officer of SMIC, said the firm would still bet big on the geothermal power segment as it delivers baseload capacity—which means round-the-clock operations.

“We are focused on geothermal energy production [which] has been doing well. And with a new rig in place, we are building capacity to develop more sites,” DyBuncio said in a statement.

Philippine Geothermal Production Co. Inc. (PGPC), a unit of SMIC, is touted to be Southeast Asia’s first commercial geothermal power resource provider.

PGPC currently operates the geothermal steam fields in Tiwi, Albay, and MakBan in Laguna and Batangas. Operations in Tiwi began in 1979, which started the Philippine geothermal energy industry.

Also, PGPC is advancing work on five new concession areas, including Mt. Malinao in Albay, where three wells have already been drilled.

Last year, PGPC said the new concession sites were located in the provinces of Kalinga, Benguet, Cagayan, Quezon, Camarines Norte and Camarines Sur.

Meanwhile, expansion in the renewable energy business has also stretched across SMIC’s affiliated businesses.

See Also

ICTSI posts robust global port operations 

The group said Carmen Copper Corp., a unit of Atlas Consolidated Mining and Development Corp., started operating the country’s first megawatt-scale floating solar facility in Toledo City, Cebu.

Covering 3 hectares on the Malubog Reservoir, the installation generates 4.99 MW of electricity, meeting about 10 percent of the copper mine’s energy needs.

Likewise, property developer SM Prime has equipped its 48 malls with solar photovoltaic systems. These account for a combined capacity of 77.6 MW.

The Marcos administration has an ambitious goal to increase renewable energy’s share in the power generation mix to 35 percent by 2030 from 22 percent.