Conglomerate San Miguel Corp. plans to acquire the geothermal projects owned by Pan Pacific Power Philippines Corp., its top executive said over the weekend.
San Miguel president and chief operating officer Ramon Ang said the company was studying the possibility of joining the geothermal development sector.
“In talks. Still on study,” Ang said in a mobile message, when asked for comment.
Sources said San Miguel advanced the funding for the development of Pan Pacific’s geothermal projects.
Pan Pacific’s power projects include Mt. Cagua-Baua geothermal prospect in Cagayan Valley, Cervantes geothermal prospect in Ilocos Sur and Abra geothermal prospect in Abra.
San Miguel’s diversification into geothermal projects would further expand its energy portfolio which now includes coal, hydro and natural gas.
San Miguel said it would also venture into renewable energy to provide cost-effective alternatives for Filipino consumers. The group is particularly interested in exploring investments in hydro, solar and tidal energy sources.
It targets to end 2017 with a total capacity of 3,363 megawatts, up from 2,763 MW as of end 2016.
San Miguel trades the capacities of the Sual and Pagbilao coal plants, the San Roque hydro power plants and the Ilijan natural gas power plant.
The company owns a 60-percent stake in the Angat hydro power plant and is nearing the completion of the first phase of its power plants in Malita, Davao del Sur and Limay, Bataan.