SPC boosts efforts to expand renewable power generation

CEBU, Philippines — Publicly-listed SPC Power Corporation is determined to expand its renewable power generation, despite several failed attempts to acquire existing plants.

“In the later part of 2018, our efforts to acquire 100 percent ownership in a 54-MW renewable power plant did not end successfully. However, this has not dampened the resolve of the board of directors to look for other power project opportunities,” said SPC chairman Alfredo L. Henares during yesterday’s SPC Power stockholders’ meeting held at the Seda Hotel Ayala Center Cebu.

In an interview, Henares said the company is looking at investing in wind power farm, and other renewable energy plants like hydro, solar, among others.

SPC Power, formerly Salcon Power lost the bid against Ayala Group to acquire the Phinma-owned Trans-Asia Renewable Energy Corporation (TAREC) which a capacity of producing 40 megawatts (MW) in Brgy. Sebaste, Sibunag, Guimaras.

While the company is pushing its thrust to enter into renewable sources to increase bottomline as well boosting its social responsibility consciousness, Henares admitted that it is still difficult to tap renewable versus the traditional power sources.

At present, SPC Power’s generation capacity is largely using diesel and coal sources. Renewable on the other hand, remains on the company’s top plans.

Meanwhile, Henares reported to stockholders that the company and its subsidiaries turned in record high consolidated financial results in 2018.

Total comprehensive income rose by 13.3 percent to a new record level P1.9 billion from P1.677 billion in 2017.

The power generation business segment contributed P587 million to the consolidated comprehensive income in 2018, reflecting a 22 percent increase from the previous year.

SPC Corporation is the mother company of Kepco SPC Power Corporation.