SPC Power stockholders clear firm’s foray into renewables
INVESTORS in SPC Power Corp. have given the green light for the company to embark on the exploration and development of renewable energy (RE) resources.
In a regulatory filing on Thursday, SPC Power said that majority of its shareholders allowed the firm to revise its articles of incorporation, reflecting its planned foray in the RE business.
Stockholders representing more than two-thirds of the outstanding capital stock voted to include in the firm’s primary purpose, “to carry on the general business of exploration, development and utilization and/or lease of natural resources, such as… solar, wind, biomass, hydro, geothermal, ocean, wave and other RE sources of power or hybrid systems, for the production of electricity.”
They also allowed the company to own, lease and develop real or personal properties, including land; and invest in the management of domestic corporations, partnerships and entities to attain its primary purpose.
The development comes two months after the listed electricity retailer’s board cleared its amended articles of incorporation.
Earlier in May, SPC Power said it is keeping RE projects “on its radar,” after sharing its plans to build one solar project and two battery energy storage facilities.
The firm added it is also looking at partnering up with a hydro power generation firm, but provided no further details.
According to its annual report, SPC Power holds a 40% share in KEPCO SPC Power Corp., which maintains a 200-megawatt circulation fluidized combustion coal-fired power plant in Naga, Cebu.
Shares in SPC Power at the local bourse improved by 2.99% or 40 centavos to finish at P13.80 apiece on Thursday. — Angelica Y. Yang