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Manila Bulletin devider Business devider The Stock Market devider SMGP taps ₱30-billion bond war chest to accelerate renewable energy projects

SMGP taps ₱30-billion bond war chest to accelerate renewable energy projects

Published May 18, 2026 12:01 am  |  Updated May 16, 2026 02:50 pm
San Miguel Global Power Holdings Corp. (SMGP), the energy arm of billionaire Ramon S. Ang’s conglomerate, has accelerated its shift toward cleaner energy, deploying nearly half of the proceeds from its recent ₱30 billion bond issuance to fund solar and hydroelectric developments.
In a regulatory filing with the Philippine Dealing System Holdings, SMGP said the company allocated ₱14.84 billion from the debt capital raise to meet obligations with contractors, equipment suppliers, and service providers.
The capital injection is part of SMGP’s goal to scale its renewable footprint amid national push to diversify the fossil-fuel-reliant domestic grid.
The independent power producer operates a sprawling nationwide portfolio, including the 345-megawatt San Roque and the 218-megawatt Angat hydropower plants—the latter managed via a joint venture with Korea Water Resources Corp.
While its legacy footprint is dominated by baseload thermal assets, including the Limay, Malita, and Masinloc coal plants and the Ilijan natural gas and liquefied natural gas complexes in Batangas, the producer is executing a multi-year strategy to balance its capacity mix.
The fundraising update follows a joint petition filed by SMGP and Manila Electric Co. (Meralco) seeking regulatory approval for a four-year supply pact.
Under the agreement, San Miguel’s Sual Power Inc. unit will supply 200 megawatts of baseload capacity to Meralco at a contracted rate of ₱4.1944 per kilowatt-hour.
The power supply agreement is structured to assist Meralco in meeting its mandated Renewable Portfolio Standards, which oblige local distribution utilities to source a minimum percentage of their electricity from eligible renewable generation facilities.
The contract will run through January 2026.
Sual Power emerged as the top contender during a competitive selection process finalized in February, outperforming five rival generation firms. The auction highlighted the conglomerate’s competitive bidding strategy, with another San Miguel affiliate, Mariveles Power Generation Corp., submitting the second-best bid at a tariff of ₱4.3805 per kilowatt-hour.
The commercial partners have urged the Energy Regulatory Commission to grant provisional approval for the supply pact, warning that regulatory delays risk exposing consumer electricity rates to volatile spot-market prices.

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