MANILA, Philippines — SPC Power Corp. expects its clean energy investments to materialize this year or early next year as it expands its power portfolio by veering away from conventional power technologies.
During the company’s stockholders’ meeting yesterday, SPC chairman Alfredo Henares said the company has been seriously looking to invest in renewable energy (RE) projects.
SPC is reviewing three RE investments—two of which are solar projects and one battery energy storage system.
“Our efforts in solar still have to yield some good results. But it’s an area we are looking deeply into and we hope to have something in there late this year or early next year,” Henares said.
“The one in battery is progressing and hopefully we will have a favorable conclusion to that investment this year,” he said.
Since the solar prospects are still uncertain, Henares said the company remains on the lookout for other opportunities.
“The one in solar is still behind but we are evaluating the possibilities of other solar projects probably later this year and early next year,” Henares said.
SPC SVP for operations and business development Cesar Villegas said the company is also looking at venturing into hydropower development.
“For the past few months, we’re looking into a partnership for hydro... these are the small hydro projects that we are looking at possibly to enter into a joint venture into with one hydro genco (generation company) in the country. So, we’re into solar and we’re also looking into hydro all at the same time,” he said.
The company first announced plans to enter the RE space way back in 2017.
In 2018, the company tried to acquire Phinma Corp.-owned Trans-Asia Renewable Energy Corp. (TAREC) in Brgy. Sebaste, Sibunag, Guimaras but its bid was not successful.
Since then, the company has been looking for other RE opportunities.
The company is keen to participate in the government’s green energy auction program, which will commence in the middle of this year.
“We’re not ready (to participate) at this point because we don’t have any solar projects online at the moment, but we believe that’s a good program of the government and it’s one of the incentives to enter the solar space,” Henares said.
SPC’s power portfolio consists of coal and diesel plants.
The company operates the 146.5-megawatt (MW) Panay diesel power plant located in Dingle, Iloilo and the 22-MW Bohol diesel power plant in Tagbilaran City, Bohol through its subsidiary SPC Island Power Corp.
It also owns the 2x100-MW KEPCO SPC Power Corp. in Colon, Naga City, Cebu as well as the 32-MW power barge 104.
For its distribution business, it owns majority of Bohol Light Co. Inc. which provides electricity services to Tagbilaran City, Bohol. It also has a 40-percent stake in Mactan Electric Co. Inc., which powers up Lapu-lapu City and the Municipality of Cordova in Cebu.