Listed SPC Power Corp., a venture firm, has amended its articles of incorporation with the “intention to engage in the business of renewable energy, including the exploration, development, and utilization of renewable energy resources, such as but not limited to biomass, solar, wind, hydro, geothermal, ocean energy sources or hybrid systems.”
SPC said the amendment would go through the approval of the Securities and Exchange Commission (SEC) and of its stockholders.
During the company’s annual stockholders’ meeting in May, SPC officials announced plans to transition away from traditional power technologies and into clean energy, specifically solar and battery storage, this year or early next year.
SPC chairman Alfredo Henares said the company has been seriously looking to invest in RE projects and is reviewing investments in two solar projects and one battery energy storage system.
“Our efforts in solar still have to yield some good results, but it’s an area we are looking deeply into and we hope to have something in there by late this year or early next year,” he said.
Since the solar prospects are still uncertain, Henares said the company remains on the lookout for other opportunities.
“The one in solar is still behind, but we are evaluating the possibilities of other solar projects probably later this year and early next year,” Henares said.
SPC’s current power portfolio consists of coal and diesel plants.
The company operates the 146.5-megawatt (MW) Panay diesel power plant located in Dingle, Iloilo and the 22-MW Bohol Diesel Power Plant in Tagbilaran City, Bohol through its subsidiary SPC Island Power Corp.