SMIC signals wider renewable energy push – BusinessWorld Online
SM INVESTMENTS CORP. (SMIC) is expanding its renewable energy portfolio through new geothermal projects and potential ventures in wind energy, its top official said on Tuesday.
In a media release, SMIC President and Chief Executive Officer Frederic C. DyBuncio said the company’s energy arm Philippine Geothermal Production Company, Inc. (PGPC) is focused on expanding initiatives in geothermal energy.
“We are focused on geothermal energy production, which is baseload and runs 24/7. Production has been doing well, and with a new rig in place, we are building capacity to develop more sites,” Mr. DyBuncio said.
At present, PGPC operates the geothermal steam fields in Tiwi, Albay, and MakBan in Laguna and Batangas. It is also advancing five new concession areas, including Mt. Malinao in Albay, where three wells have already been drilled.
In other businesses, Carmen Copper Corp., a unit of Atlas Consolidated Mining and Development Corp., recently commissioned a 4.99-megawatt floating solar facility in Toledo City, Cebu.
SMIC also hinted at its prospect of exploring wind energy opportunities.
“At SM, we see renewable energy as both a responsibility and an opportunity to support the country’s energy transition while building more resilient and sustainable businesses and communities,” Mr. DyBuncio said. — Sheldeen Joy Talavera