MANILA, Philippines - The power unit of George Ty, GT Capital Holdings Inc. is tapping into the green movement to ramp up the growth of its energy portfolio to 1,000 megawatts (MW) within the next five years.
Global Business Power Corp. (GBPC) vice president for finance Bernard Carague said the company is serious in its diversification into renewable energy, believing it would help the company attain its 1,000 MW target.
“What we want is to have is balanced portfolio,” he said.
GBPC has already aired its interest to venture into renewable energy generation through biomass and potential geothermal projects.
“What we’re doing is detailed engineering design and preliminary studies. Now, we’ve determined its worth going into it,” Carague said.
Carague declined to mention specific locations being eyed for the renewable energy projects but said both the biomass and geothermal developments would be undertaken through a joint venture.
He said sites outside Visayas, where GBPC’s power projects are mostly located, are also being considered.
GBPC to date has a generating capacity of a little over 600 MW composed mainly of coal-fired and bunker fuel plants. It has an upcoming 82-MW coal-fired power plant in Toledo City due for completion early next year.
“The target is to reach 1,000 MW within five years. Now we’re 700 MW, plus 150 MW in Panay so we are already at 850 MW,” Carague said.
GBPC’s wholly-owned subsidiary Panay Energy Development Corp. broke ground for its 150-MW coal-fired power plant expansion project in Panay last March.