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Manila Bulletin devider Business devider The Stock Market devider SMIC boosts renewable energy push with new geothermal, solar projects

SMIC boosts renewable energy push with new geothermal, solar projects

Published Aug 26, 2025 02:00 pm
Sy-led SM Investments Corp. (SMIC) is expanding its renewable energy portfolio by developing more geothermal sites, commissioning new solar projects, and eyeing investments in wind energy.
In a statement on Tuesday, Frederic C. DyBuncio, SMIC president and chief executive officer, said the company is growing its renewable energy assets through its energy arm, Philippine Geothermal Production Co., Inc. (PGPC).
PGPC, which manages 300-megawatt (MW) geothermal steam fields in Tiwi, Albay, and Mak-Ban, Laguna, is currently working on new concession areas, including three well-drilling activities in Mt. Malinao, Albay. The company previously stated this project could add 300 megawatts of baseload capacity.
“We are focused on geothermal energy production, which is baseload and runs 24/7,” DyBuncio said. “Production has been doing well, and with a new rig in place, we are building capacity to develop more sites.”
On the solar front, a subsidiary of SMIC’s Atlas Consolidated Mining and Development Corp. has commissioned a 4.99 MW floating solar facility in Toledo City, Cebu. The project, which spans three hectares of the Malubog reservoir, will meet 10 percent of the energy requirements for Cebu-based mining firm Carmon Copper Corp.
Additionally, SMIC’s property developer, SM Prime, has installed solar photovoltaic (PV) systems in 48 malls, bringing its total capacity to about 77.6 MW. SM Prime aims to have these systems in 63 malls, for a total capacity of 100 MW, by the end of 2025.
While no details have been announced, SMIC is also planning to pursue wind projects in the near future.
The group added that BDO Unibank, Inc. has provided ₱1 trillion in financing to support the development of 63 renewable energy projects with a combined installed capacity of 2,679 MW.
SMIC's consolidated net income grew to ₱42.6 billion in the first six months of the year, up from ₱40.2 billion in the first half of 2024.

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