MANILA, Philippines — SM Investments Corp. (SMIC), the empire controlled by the Philippines’ richest family, is further igniting investments in renewables by exploring and developing new geothermal energy sources.
SMIC, through its unit Philippine Geothermal Production Co. Inc. (PGPC), has identified five new project concession sites in geothermal-rich areas in Luzon, particularly in the provinces of Kalinga, Benguet, Cagayan, Camarines Norte and Camarines Sur.
The projects, slated for completion within five to seven years, aim to establish fully operational geothermal fields that can generate up to 400 megawatts of additional renewable baseload power to further strengthen the Luzon grid.
Frederic DyBuncio, SMIC president and CEO and PGPC chairman, said the investments in the geothermal firm underscored the SM Group’s commitment to powering a sustainable future for the country.
Through the new projects, PGPC president Napoleon Saporsantos Jr. is hoping to help lower the risk of power supply shortages in the region.
“They will also play a pivotal role in the Department of Energy’s target of having renewable energy sources account for at least 50 percent of the country’s total power capacity by 2040,” he said.
According to Saporsantos, the projects would not only support the country’s clean energy targets but also provide socioeconomic benefits, especially in terms of job opportunities.
“These projects, from the exploration and development phase all the way up to commercial operation, are expected to create over 2,000 jobs, with priority given to hiring qualified local residents in our host communities,” he added.
PGPC, which pioneered Southeast Asia’s first commercial geothermal power project in 1971, currently operates the Tiwi steam field in Albay and the Mak-Ban steam field spanning Laguna and Batangas.
The facilities were said to have been supplying geothermal energy to client power plants since 1979.
Throughout its operations, the company has maintained a steadfast commitment to community engagement, centered on educational advancement, environmental stewardship,and local livelihood enhancement initiatives.
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