SMC Global Power Php124B 2021 capex for new plants, BESS

SMC Global Power Holdings (SMCGPH), the power generating arm of San Miguel Corporation, is allotting Php124 billion in capital expenditures (capex) for 2021 to finance the construction and expansion of its projects, particularly new power plants and battery energy storage systems (BESS).

In a disclosure to the Philippine Dealing and Exchange Corporation, the company said the Group’s material commitments for capex projects have been approved this year but are still ongoing as of end-March.

SMCGPH said the funds they will use for the projects will come from available cash and proceeds of availed long-term loans and issued bonds and senior perpetual capital securities. 

The power firm posted a 141% increase in its net income of Php7.78 billion in the first quarter of this year, from Php3.22 billion it posted in the same period last year. 

Two of its subsidiaries also bagged power supply agreements with the Manila Electric Company (MERALCO) last February to supply 1,800 megawatts of electricity to its franchise area.