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SPC Power targets 500MW renewable energy boost by 2029

Business | Trade & Industry

SPC Power targets 500MW renewable energy boost by 2029

By Gabriell Christel Galang

SPC Power Corporation is actively exploring new project acquisitions and developments, including the integration of renewable energy (RE) sources.

During the annual stockholders' meeting on June 11, SPC Power Chairman Alfredo L. Henares stated that the company aims to support the Philippines' expanding renewable energy market by supplementing it with battery energy storage systems (BESS).

"SPC is currently advancing the development of its battery energy storage projects to support grid power amid the increasing renewable power capacity in the system," he said in his speech.

The company has also been expanding its solar power interests in the country, following an award from the Department of Energy (DOE).

Henares noted, "As to SPC’s solar power projects, it has received a certificate of authority from the DOE to complete its 48 MW solar power plant project in Iloilo — marking a significant step towards building SPC’s renewable energy footprint."

He added, "SPC is reaffirming its target of an additional 500 MW of capacity by 2029."

Beyond new ventures, SPC Power is focused on maximizing returns from its current assets while planning to acquire additional ones for its portfolio.

SPC Power specializes in the generation, distribution, and operation of several power plants in the Philippines. These include the Panay Diesel Power Plant (PDPP) in Iloilo, the KEPCO SPC Power Plant (KSPC) in Naga, Cebu, the Bohol Diesel Power Plant (BDPP) in Bohol, the Cebu Diesel Power Plant (CDPP) in Cebu, and Power Barge 104 in Bohol.

In 2024, the company's net income reached ₱1.56 billion, an increase from ₱1.2 billion in the previous year.

Related Tags

SPC Power Corporation SPC Power Chairman Alfredo L. Henares battery energy storage systems (BESS)

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