SM Investments Corp. (SMIC) is investing PHP3 billion annually to build additional 300 megawatts (MW) of geothermal power facilities through its wholly-owned subsidiary Philippine Geothermal Production Company Inc. (PGPC). In a statement Tuesday, PGPC will increase its geothermal capacity to around 600 MW with its new exploration projects in Kalinga, Daklan and Cagayan in Northern Luzon as well as Mount Labo and Malinao in Southern Luzon. '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,' SMIC president and chief executive officer Frederic DyBuncio said. SMIC said these projects of PGPC support the government's goal to increase the share of renewable energy in the country energy mix to 35 percent by 2030. Aside from harnessing clean energy through its Mak-Ban and Tiwi steam fields, these facilities have contributed to reducing carbon dioxide footprint of at least 57.5 billion kilograms, or equivalent to 188,802 hectares of trees. 'SM remains committed to sustainability through investments in renewable energy that serve more communities nationwide as part of a wider range of initiatives of SM Green Movement,' it said.
Source: Philippines News Agency
