SPC Power Corp. said on Monday that its management gave the green light for the firm to pursue the exploration and development of renewable energy (RE) resources for electricity production.
In a disclosure on Monday, the listed electricity retailer said its board of directors had approved its amended articles of incorporation last week, allowing the firm to embark on the development and use of natural resources, including solar, wind, biomass, hydro, geothermal, ocean, wave and other sources of RE, to produce power.
The board also allowed SPC to own, lease and develop real or personal properties, including land; and invest in the management of local corporations, partnerships and entities to achieve its primary purpose.
The firm also revised its articles of incorporation to change the location of its principal office, which will be located along Paseo de Roxas, Makati City. Previously, its head office was located at Cebu Business Park, Cebu City.
The venture into renewables comes around two months after SPC said that it was looking at developing solar and battery energy storage facilities, as it keeps RE projects “under its radar.”
It earlier reported that its first-quarter attributable net income to its parent firm equity holders slipped 3% to P462.49 million amid lower revenues.
According to its annual report, SPC owns a 40% share in KEPCO SPC Power Corp., which maintains a 200-megawatt circulation fluidized combustion coal-fired power plant in Naga, Cebu.
The company also holds a 40% interest in Mactan Electric Co., Inc.
SPC subsidiaries include SPC Island Power Corp., Cebu Naga Power Corp., SPC Malaya Power Corp., Bohol Light Co., Inc., SPC Light Co., Inc., and SPC Electric Co., Inc.
On Monday, shares in SPC were unchanged at P11.84 apiece at the stock exchange. — Angelica Y. Yang