SM Investments Corp. (SMIC), is venturing into renewable energy as part of its diversification strategy.
In a report by the Philippine Star, SMIC Vice Chairperson Teresita Sy-Coson stressed the conglomerate’s interest in the renewable energy sector to bolster its profitability, noting that 50% of the group’s energy is already sourced from renewables.
SM Prime Holdings, a unit of SMIC, procures half of its energy needs from renewable sources.
Through its wholly-owned subsidiary, Philippine Geothermal Production Company (PGPC), SMIC plans to expand clean energy production. PGPC, a major provider of geothermal steam, aims to add 300 megawatts of renewable energy through new projects, increasing its geothermal capacity to an estimated total of 600 megawatts.
SMIC reported a consolidated net income of Php 55.9 billion in the nine months to September, a 30% increase from the previous year. The company’s consolidated revenues also rose by 15%, reaching Php 440.4 billion.