The SPC Power Corp. is set to enter the renewable energy business to sustain its profitability amid high performance in 2016.
The company is looking at new opportunities in renewable energy projects like hydro, geothermal and biomass power plants, SPC chairman Alfredo L. Henares said.
“Moving forward, the group will continue to focus on further improving efficiencies and leveraging existing business assets to sustain or improve profitability,” SPC CFO Reynante Del Rosario said.
Despite its entrance to the RE sector, SPC will continue to pursue coal-fired power projects and power barges.
In 2016, the company recorded P1.79 billion in consolidated income. 18.4 percent higher versus P1.51 billion the previous year.
“These resulted from the strong performance in each of the Company’s core segments, power generation, and distribution,” the power company said.
SPC Power operates a 146.5 megawatt (MW) Panay Diesel Power plant in Dingle, Iloilo and a 22 – MW Bohol Diesel Power plant in Tagbilaran, Bohol City through the SPC Island Power Corp.
The company also owns a 55 MW Naga land-based gas turbine power plant in Colon, Naga City, Cebu and a 32 MW Power Barge 104.