SMC Global Power Holdings said it has taken ownership of the 1,200 megawatts (MW) Ilijan natural gas-fired power plant in Batangas from the government.
In a disclosure to the Philippine Dealing and Exchange Corp., SMC Global said subsidiary South Premiere Power Corp. (SPPC) executed a deed of sale dated June 3, 2022.
The turnover of the plant is part of the administration agreement between SPPC and the Power Sector Assets and Liabilities Management Corp. that was made effective on June 26, 2010.
SPPPC originally won the bidding for the Ilijan plant for $870 million.
The company earlier said by the time of end of contract with the government, it would have paid P392 billion for the facility which is more than double its bid price.
Earlier, SMC Global Power said its authorized but not yet disbursed capital projects have hit P214.8 billion as of end-2021 but not necessarily going to be spent only in a single year.
SMC Global Power plans to construct power plants mostly utilizing high efficiency low emission technologies, liquefied natural gas as well as battery energy storage systems as well as acquire fixed assets for normal operations of the business.
The company eyes to fund the projects from available cash and proceeds from outstanding long-term loans and certificate issuances.
The projects include the 1,313 MW Batangas combined cycle power plant and related assets as well as solar plants equipped with battery storage facilities in 10 locations throughout the country that are set to be operational by next year.
Based on data from the Department of Energy, as of April 2021, San Miguel Corp. has the second biggest share in installed generating capacity in the entire country at 4,856 MW equivalent to 20.7 percent of the total 23,409.7 MW.
