SM Investments Corp., through its wholly owned Philippine Geothermal Production Company, Inc. on Tuesday announced plans to invest P3 billion annually to increase its geothermal steam production capacity by 300 megawatts.
This will come from the exploration of new steam production projects in Northern Luzon: Kalinga, Daklan, and Cagayan; and Southern Luzon: Mount Labo and Malinao, which will increase its geothermal capacity to an estimated total of 600 MW.
PGPC is boosting its investments in renewable energy in support of the country’s growing advocacy for green energy and sustainable development.
“SM is committed towards harnessing clean energy by increasing its capacity to provide steam. The Philippines’ location within the ‘Ring of Fire’ provides a huge opportunity for a low-carbon source of power. This is proven by PGPC’s half a century of reliable and consistent production of steam converted into renewable baseload electricity for its communities,” said SM Investments president and chief executive Frederic C. DyBuncio.