SPC Power Corp. capital expenditure this year could reach P220 million for new projects in renewable energy.
“The capital expenditures of the investees are in their own respective companies. In the case of SPC, we are projecting to have a capex of only P44 million just to keep the existing capital assets to be in top condition. However, we are also in the process of getting additional approval of around P220 million in capital expenditures for possible new projects within the year,” said Jaime Balisacan, SPC treasurer, in a virtual briefing last week.
Alfredo Henares, SPC Power chairman, said the company has been “looking seriously” at projects related to solar and battery storage and has evaluated three this year.
“Our efforts in solar still have to yield some good results but it is an area we are looking deeply into and we hope to have something in there by late this year or early next year,” he added.
Cesar Villegas, SPC Power senior vice president for business development and commercial operations, said the company is also looking into a joint venture on small hydro power plants.
“We have a very high level of cash available for these projects and no bank debts so we are well positioned to support these projects financially,” Henares assured. – Jed Macapagal
