The power arm of conglomerate San Miguel Corp. is expanding its investments in liquefied natural gas (LNG) facilities to help the country ensure a secure energy supply.
Prestige Power Resources, Inc., a subsidiary of SMC Global Power Holdings Corp., is investing P41.49 billion in a planned 600 megawatt LNG combined cycle power plant in Tabangao, Leyte.
READ: Ramon Ang to build P18.5B LNG plant in Negros Occidental
The move is in line with efforts to help the Department of Energy (DOE) provide for additional sources of power, specifically baseload capacity.
Prestige Power said it would develop a reliable, efficient and cost-effective energy resource through the use of LNG.
Construction of the project will start within the year with commercial operations targeted by 2025.
SMC Global Power holds the energy investments of the San Miguel Group led by ultra bilyonaryo Ramon S. Ang.
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