SPC Power Corp. has allotted P2 billion for its capital expenditure this year.
“The board… has approved a capex of P2 billion for its projects and this will be funded through cash and other financing activities. We will be spending it on renewable energy growth projects,” said James Roy Villareal, SPC Power vice president at the company’s annual stockholders’ meeting yesterday.
Villarreal said the company is exploring and developing solar and battery projects as well as a hydro project.
“Looking at the industry today, the company is set to focus its attention this year to sustaining current operations and focusing on growth projects specifically RE projects,” Villareal added.
Alfredo Henares, SPC Power chairman, also said in the same venue that the company is also currently targeting an additional 500 megawatts (MW) of capacity in the next five years.
SPC Power said it is in talks with possible partners for future projects.
Other SPC Power’s subsidiaries include distribution utility, Bohol Light Co. Inc. as well as SPC Island Power Corp., SPC Electric Co., Inc., and SPC Light Co., Inc and also maintains equity investments in Mactan Electric Co., Inc. and KEPCO SPC Power Corp.
The company also operates the 32 MW Power Barge 104 as well as diesel power plants in Panay with a capacity of 146.5 MW and in Bohol with a capacity of 22 MW.
