Semirara Mining and Power Corp. (SMPC) would rather restart the development of aborted power projects than acquire existing facilities which are sold at prohibitive prices.
“We are open to purchasing other plants but the price being offered in the market makes it better for us to pursue developing new plants like our San Raphael project rather than purchase existing plants,” said Isidro Consunji, SMPC chairman and CEO at the company’s virtual stockholders’ meeting last week.
The 700-megawatt San Raphael power plant in Batangas was originally pursued by St. Raphael Power Generation Corp. or the partnership between SMPC and Manila Electric Co. subsidiary, Meralco PowerGen Corp.
The partners agreed in 2020 to terminate the joint venture but followed soon after by SMPC signing a deed of assignment to acquire St. Raphael in full.
SMPC also announced plans to further expand its power generation business to include possible investment in liquefied natural gas (LNG).
Consunji acknowledged exploring alternative revenue streams such as adding to their power generation capacity and pursuing new mining opportunities beyond Semirara island.
“The Calaca (in Batangas) location is ideal for LNG as well as coal. The question is really just an issue of business viability – but physically and technically. There is no reason why SMPC cannot go (in)to LNG,” Consunji said.
SMPC is currently the only vertically-integrated power producer in the country that mines its own fuel source, allowing it to generate affordable baseload power.
