MANILA – San Miguel Global Power Holdings Corp allotted up to $1 billion (P48 billion) to fund the construction of 31 new battery storage facilities nationwide, its parent San Miguel Corp said Thursday.
A combined total rated capacity of 1,000 megawatts is expected from the facilities, SMC said in a disclosure to the stock exchange.
San Miguel COO Ramon Ang on Facebook said the company is “nearing completion” of the facilities. The project started in 2018 at the Masinloc plant in Zambales, he said.
“We knew this would be a game-changer. This technology will address the twin challenges of maintaining the quality of power throughout the grid and the intermittent nature of renewable energy. This will be our bridge to sustainably transitioning to a clean-energy future,” Ang said.
Such facilities are “intended” to provide stable and good power supply to the entire country, San Miguel said.
San Miguel has launched other energy projects over the years as part of its 10-year renewable energy plan.