San Miguel Global Power (SMGP) is pursuing the development of 3,320 megawatts (MW) worth of additional power capacity by 2028 worth at least P52.7 billion.
Based on the company’s filing to the Philippine Dealing and Exchange Corp., these include two additional coal-fired units in Masinloc, Zambales for a total of 700 MW projected to be operational sometime between this year and 2026.
“The company has signed the engineering, procurement and construction (EPC) contracts for the construction of Masinloc power plant units 4 and 5, which are targeted for completion between 2025 and 2026. As of September 2024, overall project completion of unit 4 and unit 5 are 81 percent and 69 percent, respectively, with equity-backed capital expenditures of P15.8 billion,” the filing expressed.
SMGP also said in the filing that it is preparing the completion of the 1,320 MW BCC natural gas-fired power plant in Batangas within the first quarter of the year.
The company said EPC contract for the project was signed with Black and Veatch and with other local contractors in December 2021. It added that as of September 2024, overall project completion is 98.2 percent with equity-backed capital expenditures of P36.9 billion.
Apart from the two thermal power projects, SMGP is also preparing to complete around 1,300 MW worth of solar projects by 2028 across various sites in Luzon including in the provinces of Bataan, Bulacan and Isabela.
SMGP added in the filing that it signed EPC contracts with ATE Energy to complete a 320 megawatt hours (MWh) battery energy storage system project in Mariveles this year.
However, the company did not provide funding allotment for the solar and ESS projects.
Beyond 2028, the company said it is gearing up for the 1,100 MW worth of solar projects across Pagbilao, Bohol and various locations in Mindanao, including Davao until 2039 as well as the possibility of constructing and developing small-scale natural gas-fired units in strategic locations in Mindanao consisting of 50 MW to 100 MW to boost rural electrification.
Based on available information from its website, SMGP’s current total portfolio is at least 4,682 MW and 1,000 MWh from a mix of hydro, natural gas-fired, coal-fired and ESS projects.
Meanwhile, based on latest data from the Energy Regulatory Commission, as of March 2024, San Miguel Corp. through SMGP, had the second biggest market share in terms of installed generating capacity (IGC) in the national level at 5,057,360 kilowatts (kW) equivalent to 19.78 percent.
For the same period, the conglomerate had a market share of 4,576,800 kW or 25.48 percent in Luzon; 140,670 kW or 4.12 percent in Visayas; and 339,890 kW or 8.12 percent in Mindanao.
