Philippine Geothermal Production Co. Inc. (PGPC), a unit of the Sy family’s SM Investments Corp. (SMIC), has been awarded a government contract to develop a geothermal resource in Leyte, Philstar Biz reported.
The contract marks PGPC’s entry into geothermal energy, adding to SMIC’s renewable energy portfolio. The Leyte site is expected to contribute to the country’s geothermal capacity, which is among the largest in the world.
The agreement aligns with the government’s push to expand renewable energy sources and reduce dependence on imported fossil fuels. Further details on the contract’s value and development timeline were not disclosed.