SPC eyes 500 MW additional power capacity in 5 years

By Alena Mae S. Flores – May 30, 2024, 8:05 pm
from manilastandard.net

Listed SPC Power Corp. expects an additional 500 megawatts of new power generation capacity in the next five years.

“As the government continues to pursue its thrust in building-up the country’s renewable energy mix in the coming years, SPC is currently developing several solar power projects in various locations in the Visayas, as well as in a hydropower plant in Mindanao,” SPC chairman Alfredo Henares said.

Henares did not disclose other project details but said SPC is also evaluating a stand-alone battery energy storage system (BESS) to support the grid power stability and prepare for any related market potential.

“Overall, SPC is targeting an additional 500 MW of capacity in the next five years…The company will remain steadfast in seeking out potential acquisitions or new projects that will ensure the sustainability of our business over the long term,” he said.

SPC executive vice president James Roy Villareal said the company would focus this year on sustaining current operations and RE projects.

“The board as of last year 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 RE growth projects,” Villareal said.

He said the company is exploring and developing several solar, a hydro and battery energy storage projects.

SPC reported consolidated total comprehensive income of P1.214 billion in 2023, down by 6.6 percent from 2022 but still at “satisfactory level,” officials said.

This translated into a consistent double-digit return on average equity and earnings per share of 11.19 percent and P0.78, respectively.

Equity share from the earnings of the investee companies accounted for the largest share in income contributions to the group at 48 percent, while the power generation and power distribution business segments contributed 45 percent and 7 percent, respectively.