SM Investments Corporation (SMIC) is broadening its renewable energy initiatives by exploring and developing new geothermal energy sources.
Philippine Star reported that SMIC, via its subsidiary Philippine Geothermal Production Co. Inc. (PGPC), has identified five new project concession sites in the geothermal-rich regions of Luzon, specifically in the provinces of Kalinga, Benguet, Cagayan, Camarines Norte, and Camarines Sur.
The project intends to construct full-scale geothermal fields capable of producing up to 400 megawatts (MW) of extra renewable baseload power, with its completion targeted to be within five to seven years.
SMIC president and CEO as well as PGPC chairman Frederic DyBuncio said that SM Group’s strategic investments in geothermal energy show their commitment to advancing a sustainable energy future in the Philippines.
Meanwhile, PGPC president Napoleon Saporsantos Jr. said that the firm is expecting the entry of the projects to decrease the risk of power supply shortages.
Saporsantos Jr. added that the initiatives will play a huge role in the 50% renewable energy target of the Department of Energy (DOE) by 2040 and would also offer socioeconomic benefits, specifically, job opportunities.
The PGPC president added that the construction and development of these projects are expected to generate 2,000 jobs.
