San Miguel: Power units still viable

By Alena Mae S. Flores – September 25, 2023, 8:20 pm
from manilastandard.net

San Miguel Global Power Holdings Corp. (SMGP) and subsidiaries remain viable and able to meet its financial obligations, its parent ccompany said Monday.

“To date, the company and its subsidiaries, including SMGP, are fully compliant with and continue to comply with their financial obligations,” San Miguel Corp. said in a disclosure to the stock exchange.

SMC made the clarification after the Institute for Energy Economics and Financial Analysis (IEEFA) expressed caution over SMGP’s debts.

“SMGP continues to have access for its funding requirements with financial institutions.  Certain loan maturities this year have been refinanced and currently SMGP is in the midst of closing a project financing arrangement for its battery energy storage systems [BESS] which allows the safe integration of renewal energy to the national grid,” it said.

SMGP is building 31 BESS nationwide with 1,000 megawatts of capacity.