Largest food, beverage firm in Southeast Asia aims at entering geothermal power business
San Miguel beer of San Miguel Corp. (source: flickr/ IDS.photos, creative commons)
Parker O'Halloran
13 Jun 2017
San Miguel Corp., Southeast Asia's largest listed food, beverage and packaging company, is planning to enter the geothermal power sector to increase its power generation capacity.
San Miguel Corp., a Filipino multinational publicly listed conglomerate holding company, has announced plans to enter the geothermal energy sector to increase its power generation capacity.
In a statement to the Stock Exchange, the company said, that it “contemplates to participate and invest in the development of geothermal energy projects to further expand its energy portfolio and provide cost-effective alternatives for consumers.”
SMC said it was “evaluating the viability of the geothermal projects of Pan Pacific Power Philippines Corp. (e.g. Mt. Cagua-Baua project in Cagayan Valley and Cervantes prospect in llocos Sur and Abra), as confirmed by Mr. Ramon S. Ang, president and COO of the company.”
The company further looks at an expansion into solar and tidal power generation as well.
Already today, the company owns a majority stake in a 218 MW hydro power plant, and is an IPP for a natural gas plant in Batangas and another hydro power plant in Pangasinan.
San Miguel is “the largest publicly listed food, beverage and packaging company in Southeast Asia as well as the Philippines’ largest corporation in terms of revenue, with over 17,000 employees in over 100 major facilities throughout the Asia-Pacific region.”
Its flagship product, San Miguel Beer, is one of the largest selling beers and among the top ten selling beer brands in the world.
Source: ABS-CBN News, Bilyonaryo
