SMC wants to enter geothermal power business
San Miguel Corp. is considering making its first foray into the geothermal energy sector to boost its power generation capacity.
“We advise that San Miguel Corp. contemplates to participate and invest in the development of geothermal energy projects to further expand its energy portfolio and provide cost-effective alternatives for consumers,” the conglomerate said in a stock exchange filing.
SMC said it was “evaluating the viability of the geothermal projects of Pan Pacific Power Philippines Corp. (e.g. Mt. Cagua-Baua project in Cagayan Valley and Cervantes prospect in llocos Sur and Abra), as confirmed by Mr. Ramon S. Ang, president and COO of the company.”
Apart from geothermal energy, SMC is also looking at expanding into solar and tidal energy.
San Miguel owns 60 percent of the 218-megawatt Angat hydro power plant. It is also the independent power producer administrator of the Ilijan natural gas plant in Batangas and the San Roque hydro station in Pangasinan province.