Listed energy firm SPC Power Corp. is embarking on an aggressive expansion into renewable energy and battery energy storage systems (BESS), with a target of adding 500 megawatts (MW) of capacity to its portfolio by 2029.
Chairman Alfredo Henares confirmed the company’s strategic pivot, announcing the Department of Energy’s issuance of a certificate of authority for SPC’s 48 MW solar project in Iloilo. This forms part of its broader renewable energy (RE) pipeline.
“SPC is currently advancing in the development of its battery energy storage projects to support grid power amid the increasing renewable power capacity in the system,” Henares said, noting that additional solar projects across the country are also underway.
He said the company’s growing clean energy initiatives are aimed at balancing traditional generation assets with sustainable practices.
SPC’s financials reinforce the company’s momentum. Net income jumped 28.9 percent to ₱1.56 billion in 2024, up from ₱1.21 billion the previous year, driven by stronger generation revenue, equity earnings, and forex gains. Revenue rose 5.6 percent to ₱3.03 billion.
The company operates various generation facilities, including the Panay and Bohol diesel power plants, and holds a stake in the 200 MW KEPCO SPC coal plant in Cebu. It also has distribution interests via Mactan Electric Co.
The 500 MW expansion marks a significant strategic evolution for SPC as it leverages its established generation and distribution assets to transition into a cleaner energy future.
