SPC Power Corp. has secured its shareholders' go signal to venture into the exploration and development of renewable energy (RE) sources.
In a disclosure on Thursday, SPC Power said the majority of its stockholders approved the amendment to its articles of incorporation, allowing the listed firm to engage in the exploration, development, and utilization of RE resources such as biomass, solar, wind, hydro, geothermal, ocean energy sources or hybrid systems.
Shareholders likewise approved owning, leasing, and/or developing real or personal properties to explore, develop, utilize, and/or lease natural resources.
SPC Power also obtained approval to invest and participate in the management of domestic corporations, partnerships, and other entities engaged in activities including the acquisition, construction, development, improvement, operation, maintenance, and holding of power production and electrical generation facilities in the Philippines, and the production and sale of electricity.
Back in May, the listed company announced its plan to develop RE projects, particularly solar power plants and battery energy storage systems.
SPC Power had said renewables were "very much" on their radar and it has evaluated three RE projects this year: one in solar and two in battery. It also has a "high level of cash" to undertake such projects.
In the first half of 2021, SPC Power reported consolidated net income decreased by 14.5 percent to P794.3 million from P929 million a year ago.
Based on SPC Power's latest quarterly report, consolidated revenues rose by 15.8 percent to P1.12 billion from P968.8 million, mainly due to higher volume of energy sold, higher pass-through cost of fuel and purchased power, and higher Wholesale Electricity Spot Market prices.
Shares of SPC Power rose by 40 centavos or 2.99 percent to end at P13.80 each on Thursday.