SM Investments Corp. through its wholly owned Philippine Geothermal Production Co. Inc. (PGPC), is boosting its investments in renewable energy.
The company said PGPC targets to increase its steam production by approximately another 300 megawatts (MW) through new exploration projects and increase overall geothermal capacity to an estimated total of 600 MW.
PGPC said new projects will be located in Kalinga, Daklan and Cagayan for Northern Luzon as well as in Mount Labo and Malinao for Southern Luzon which will form part of the company’s annual investment of approximately P3 billion a year.
“SM is committed towards harnessing clean energy by increasing its capacity to provide steam. The Philippines’ location within the Ring of Fire provides a huge opportunity for a low-carbon source of power,” said Frederic DyBuncio, SM Investments president and chief executive officer, in a statement.
PGPC currently operates the steam fields in Mak-Ban and Tiwi in Albay which delivers steam to third- party power plants to generate electricity. This then goes to power transmission lines for distribution.
PGPC said the Mak-Ban and Tiwi steam fields have contributed to at least 57.5 billion kilograms in reducing carbon dioxide emissions since the start of its commercial operation, equivalent to 188,802 hectares of trees.
