San Miguel looking to diversify into more renewable energy projects

San Miguel Corp., through its subsidiary SMC Global Power Holdings Corp., is now looking to diversify its renewable energy portfolio to include solar, wind, and liquefied natural gas projects.

In a regulatory filing, SMC confirmed that Global Power is planning to increase its power generation capacity, which posted an off-take volume of 12,837-gigawatt hours in the first half of the year.

"SMC Global Power Holdings Corp., a wholly-owned subsidiary of San Miguel Corp., contemplates to implement and pursue renewable energy projects, inclusive of solar, wind and liquefied natural gas projects, to augment and supplement the power generation capacity," the disclosure read.

SMC Global Power posted a consolidated operating income of P18.384 billion in the first six months of the year, while consolidated net income rose to P7.263 billion.

The company reported increased power generation from its Masinloc, Limay, and Malita Power Plants, combined with the improved plant capacity factors from the Sual and Ilijan Power Plants.—AOL, GMA News