Cebu-based SPC Power Corporation, is eyeing to develop solar power and battery energy storage system (BESS) facilities, it said during its annual stockholders meeting on Friday.
SPC Chairman Alfredo “Atom” Henares said that the company has evaluated three projects so far — one for for solar and two for BESS. The BESS projects, he said are progressing and he hopes that these would materialize within the year. On the other hand, the planned solar project is “still behind,” though the company is also looking at other similar ventures.
Meanwhile, SPC SVP for Business Development and Commercial Operations Cesar Villegas said they are also aiming to partner with a hydro power generation firm, but declined to disclose details.
Though SPC did not mention the amount of the renewable energy (RE) investments, Henares said that the firm has “a very high level of cash” to take on such projects.
Nonetheless, SPC Treasurer Jaime Baliscan said that the company is planning to set aside Php42 million for capital expenditures for 2021.
Among the firm’s portfolio include the 300-megawatt (MW) Naga coal-fired power plant in Cebu, the 146.6MW Panay diesel-fired plant in Iloilo, and the 22MW Bohol diesel power plant in Tagbilaran City.
SPC had planned to venture into RE as early as 2017.