Listed SPC Power Corp. is bullish on the prospects of the power sector and plans to go into renewable energy investments as a platform for its expansion program.
SPC Power chairman Alfredo Henares said in a statement the company remained upbeat on its outlook of the energy sector.
He said the company was seeking new opportunities in renewable energy projects, including hydro, geothermal and biomass power plants.
The company also has not abandoned plans to pursue coal-fired power projects and power barges.
SPC Power posted a consolidated income of P1.788 billion in 2016, or equivalent to a P1.16 earnings per share from P1.51 billion in 2015.
“These resulted from the strong performance in each of the company’s core segments, power generation and distribution,” SPC Power said.
The company’s financial condition improved with capital growing to P8.9 billion, or equivalent to P5.96 per share. SPC Power declared a dividend payment of P0.40 per share.
“Moving forward, the group will continue to focus on further improving efficiencies and leveraging existing business assets to sustain or improve profitability,” SPC Power chief finance officer Reynante Del Rosario said
SPC Power owns the 55-MW Naga Land-Based Gas Turbine Power Plant in Colon, Naga, Cebu.
SPC Power, along with partner Kepco Philippine, also owns a 200-MW coal plant in Naga that was completed in 2011 to augment power supply in the Visayas. Visayas’ power reserves remain thin.
The plant, majority controlled by Kepco Philippines, was built under a build-operate-own agreement with the government.
The company owns the 32-MW Power Barge 104, 77-MW Panay diesel plant and 16-MW Bohol diesel plant.
SPC Power is composed of a group of local businessmen led by Henares and Dennis Villareal as president, Kepco Philippines and other minority investors.
