SMPC to restart coal-fired power project

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Semirara Mining and Power Corp. (SMPC) is open to expanding its portfolio by acquiring existing power projects.

SMPC is also looking at the possibility of restarting the development of its coal-fired power project, citing current high market valuation of projects.

“…We are open to purchasing other plants but the prices being offered in the market makes it better for us to pursue developing new plants like our San Raphael rather than purchase existing plants,” said Isidro Consunji, SMPC chairman and chief executive officer, at the company’s virtual stockholders’ meeting last week.

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The 700-megawatts San Raphael power plant eyed to be constructed in Batangas was originally pursued by St. Raphael Power Generation Corp., a partnership between SMPC and Manila Electric Co. subsidiary, Meralco PowerGen Corp.

However, in 2020, the parties agreed to terminate the joint venture which was followed by SMPC’s signing of a deed of assignment to fully acquire St. Raphael.

SMPC is currently the only vertically-integrated power producer in the country that mines its own fuel source, allowing it to generate affordable baseload power. – Jed Macapagal

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