SM Investments Corporation, through its wholly owned Philippine Geothermal Production Company, Inc. (PGPC), is boosting its investments in renewable energy in support of the country’s growing advocacy for green energy and sustainable development.
As a leading provider of clean and sustainable geothermal energy in the country, PGPC targets to increase its steam production by approximately 300 Megawatts of baseload renewable energy through its new exploration projects.
This is set to increase its geothermal capacity to an estimated total of 600 Megawatts. These new projects are in Northern Luzon: Kalinga, Daklan, and Cagayan; and Southern Luzon: Mount Labo and Malinao, which will form part of PGPC’s annual investment of approximately PHP 3 billion a year.
“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. This is proven by PGPC’s half a century of reliable and consistent production of steam converted into renewable baseload electricity for its communities,” said Frederic C. DyBuncio, President and CEO of SM Investments.
Long before the commitments for sustainable power were made as part of the United Nations Sustainable Development Goals, PGPC has already been integrating a safe, clean, and renewable process for harnessing power. The steam fields in Mak-Ban and Tiwi capitalize on the earth’s natural heat to produce steam that is captured by production wells. The steam is delivered to third party power plants to generate electricity which then goes to power transmission lines for distribution to homes and offices.
As of March 2023, the Mak-Ban and Tiwi steam fields have contributed to at least 57.5 billion kilograms in reducing carbon dioxide emissions since the start of its commercial operation. This is 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.