Cebu-based electricity company SPC Power Corp. said Tuesday it remains bullish on investing in renewable energy despite a challenging 2021 and first quarter of 2022.
During the company’s annual stockholders meeting, SPC reported a net income of P1.2 billion in 2021, a 26.8% decline from P1.6 billion posted a year earlier blamed on the impact of Typhoon Odette to its business, resulting in the fourth-quarter net loss of P178.7 million.
In the first quarter of 2022, SPC Power, whose operations are heavily concentrated in the Visayas, reported a net income of P131.2 million, down 71.6% from P460.7 million year-on-year.
“Despite the challenges, SPC is steadfast in its commitment to a sustainable future,” SPC chairman Alfredo Henares said.
Henares said SPC remains bullish on investments in renewables, setting its sight on solar power projects in Luzon and Visayas, development of Battery Energy Storage System and participation in future competitive biddings for energy and ancillary service capacities.
“Our business development efforts have been looking at over 470 megawatts of thermal capacity and about 300 megawatts of renewable acquisition,” SPC vice president James Roy Villareal said.
“We are also working on about 80 megawatts of renewable projects, specifically solar in the Visayas region,” Villareal said.
SPC is also targeting to commence the battery energy storage project within the first half of the year.
“With respect to the battery project, I believe we’re following around the same timeline. We are now closing the or finalizing the EPC discussions,” Villareal said.
SPC Power was incorporated in 1994, and entered into rehabilitation, operation, maintenance, and management agreement with the National Power Corporation.
It gained a foothold in the power industry business, through its subsidiary, SPC Island Power Corp. and its associates, Mactan Electric Company, Inc. and KEPCO SPC Power Corp.—AOL, GMA News
SPC Power remains bullish on renewable investments
Source: News Panda Philippines
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