- Largest Philippine conglomerate is shifting away from coal
- Construction of plants to start third quarter of this year
San Miguel Corp. will build two gas-fired power plants in central Philippines for 60 billion pesos ($1.14 billion) as the nation’s largest conglomerate shifts away from coal.
Indirect subsidiary Prestige Power Resources Inc. will construct a 600-megawatt combined cycle gas plant in Leyte province for 41.5 billion pesos, while another indirect unit Reliance Energy Development Inc. is planning a 300-megawatt plant in Negros Occidental worth 18.5 billion pesos, San Miguel said in a stock exchange filing on Monday.
Construction of both plants will start in the third quarter of this year and commercial operations will begin in 2025.
The project is expected to begin construction in the third quarter of 2023 and be completed in the third quarter of 2024, according to Reliance Energy Development Inc.
On March 8, SMC Provincial Consultant Alfredo “Albee” Benitez shared that SMC’s plans to build a 300-Megawatt Liquefied Natural Gas (LNG) plant in San Carlos will complement solar farms in the province.
“If we can position the province and Bacolod City to be completely Green Power we will be the first of its kind (especially that) we have enough solar farms that’s been sprouting,” Benitez said.
As per the consultant, REDI plans to begin construction on the power project in the third quarter of 2022. He stated that it is currently undergoing a pre-feasibility study and applying for an environmental compliance certificate.
SMC’s previous plan to build a coal-fired power plant in San Carlos City failed due to opposition from locals who would be affected, environmentalists, and late Governor Alfredo Maraon III.
SMC has also abandoned three coal projects in Quezon and Cebu as part of its transition to renewable energy investments.
With reports from Bloomberg.