MANILA, Philippines — San Miguel Corp. (SMC) aims to complete 1,200 megawatts (MW) of various renewable energy projects by 2024 as it ramps up its clean energy portfolio, its top official said.
“ This comprises solar, wind and pumped hydro,” SMC president and COO Ramon Ang said.
He declined to give specifics but said the solar farms are spread across the country.
Meanwhile, the wind projects are located in Mariveles, Bataan, and Badoc, Ilocos Norte.
Ang said the pumped hydro projects are located in Luzon and in Visayas.
The company has already commenced initial groundwork and ordered equipment for the planned RE projects.
It was in 2017 when SMC first announced plans to venture into the RE space, transforming its subsidiary SMC Global Power Holdings Inc. into a diversified energy company and helping ramp up the country’s clean energy capacity.
During that time, the conglomerate formed a team that conducted research and developed solutions across the clean energy sector.
Last year, Ang announced the company was targeting up to 10,000 MW of new renewable energy capacity in the next 10 years.
The development of greenfield projects will coincide with the planned improvements in the interconnectivity of the Luzon and Visayas grids, as well as the eventual interconnectivity and implementation of the wholesale electricity spot market in Mindanao.
SMC said it still has room to grow its power portfolio under SMC Global Power Holdings Inc. even with coal-fired power plants in the pipeline.
As of the end of 2018, SMC Global Power has an installed capacity of approximately 19 percent of the national grid, 25 percent of the Luzon grid and nine percent of the Mindanao grid.
Under the Electric Power Industry Reform Act of 2001, no company can own, operate or control more than 30 percent of installed generating capacity of a grid and 25 percent of the national IGC.