SM Investments Corp., through its wholly owned Philippine Geothermal Production Company Inc. on Tuesday said it is investing 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, namely Kalinga, Daklan, and Cagayan; and in Southern Luzon, specifically 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 DyBuncio.
SM Investments also has investments in retail, banking, and property.
Meanwhile, PGPC has already been integrating a safe, clean, and renewable process for harnessing power long before the commitments for sustainable power were made as part of the United Nations Sustainable Development Goals.
The steam fields in Mak-Ban and Tiwi capitalize on the earth’s natural heat to produce steam that is captured by production wells.
The steam is delivered to third party power plants to generate electricity which then goes to power transmission lines for distribution to homes and offices.
As of March 2023, the Mak-Ban and Tiwi steam fields have contributed to at least 57.5 billion kilograms in reducing carbon dioxide emissions equivalent to 188,802 hectares of trees, since the start of its commercial operation. Alena Mae S. Flores