Conglomerate San Miguel Corporation (SMC) is looking to invest around $33.6 billion for three major projects including an ocean tidal power project in the country.
The new investments will provide a new source of renewable energy, SMC president and Chief operating officer Ramon Ang told reporters.
“I believe in the next few months we’ll be showing you our projects one by one, but an example is the ocean tidal project which [will have] a capacity of 1,200 megawatts,” he said.
He added that ocean tidal power would be easy to operate as it doesn’t require fuel to run.
“You build it once and it will run forever. According to our study, we can build about 18,000 MW of renewable energy out of ocean tidal [power] in the Philippines,” Ang said, adding that the ocean tidal technology costs $3 million per megawatt.
With an eyed capacity of 1,200 MW, the project will cost about $3.6 billion.
SMC will have to submit the documents for the ocean tidal project to the Board of Investments (BOI) and the Department of Energy (DOE).
“We haven’t filed yet because when we do, we’ll be asked to submit a lot of information. When you file, everything must be ready, otherwise others will just copy it,” Ang said.
The ocean tidal project has passed the feasibility study. “Next to that, we will hire firms to do the financial study. If that is bankable, then we’ll proceed with the project.”
The development of the project will take five years from the period it takes off, Ang said.
Aside from the ocean tidal project, SMC is also eyeing an oil finery with a capacity of 250,000 barrels daily worth $15 billion, and an integrated steel mill that will cost $15 billion.