San Miguel Corporation (SMC) has unveiled plans to make significant investments into renewable energy and energy storage initiatives in the next 10 years.
The Philippine-based conglomerate plans, according to various local media reports, to invest in up to 10,000MW of renewable energy developments in the next 10 years.
The technologies to be covered by SMC investment plans reportedly include hydro, wind, and tidal energy projects.
SMC has confirmed in April 2017 the plans to develop a tidal energy power facility through its SMC Global Power Holdings Corp at an estimated cost of $60 billion.
With generating capacity of up to 20,000MW – the facility is expected to generate 4,000MWs by the fifth year, according to the plans set out earlier by SMC.
The power generated could be sold to the grid at P5.00 per kilowatt hour without feed-in tariff from the government reducing the overall cost of electricity for consumers, according to Ramon S. Ang, President and Chief Operating Officer of SMC.