Ramon Ang’s SMC Global Power lines up P215B worth of projects to unlock new energy generation capacity
Business

Ramon Ang’s SMC Global Power lines up P215B worth of projects to unlock new energy generation capacity

SMC Global Power Holdings Corp., a wholly-owned subsidiary of conglomerate San Miguel Corp., has approved projects that will cost a staggering P215 billion to build over the long-term.

In a regulatory filing, SMC Global Power said the amount authorized but not yet disbursed for capital projects was P214.795 billion as of December 31 last year.

It said the capital expenditure projects have been approved in prior years and the current year but these projects are not yet completed as of the end of 2021.

The projects involve the construction of power plants, mostly utilizing high-efficiency low emission technologies, liquefied natural gas (LNG), and battery energy storage systems (BESS).

This is in line with the group’s expansion projects and acquisition of fixed assets needed for normal operations of the business, SMC Global Power said.

These projects will be carried forward to the next quarters until their completion.

The funds to be used for these projects will come from available cash and proceeds from outstanding long-term loans and issued senior perpetual capital securities.

SMC Global Power, together with its subsidiaries, associates, and joint ventures, controls 4,714 megawatts of combined capacity.

Its diversified power portfolio includes natural gas, coal, and renewable energy such as hydroelectric power and BESS.

 

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