JG Summit unit completes Batangas solar project
MERBAU CORP., the renewable energy (RE) arm of the Gokongwei-led JG Summit Holdings, Inc., has completed a 13.811-megawatt-peak rooftop-mounted solar project in Batangas City, the company said on Tuesday.
In a media release, Merbau said the solar project will provide the energy requirements of JG Summit’s petrochemical complex. The complex houses the manufacturing plants of JG Summit Olefins Corp. (JGSOC) and the packaging division of Universal Robina Corp. (URC).
“The project aims to reduce power consumption sourced from both the in-house produced and from the national grid. This will also result to significant reduction of greenhouse gas (GHG) emissions through the use of renewable energy sources,” the company said.
JG Summit is expecting to generate an annual energy savings of 17.8 gigawatt-hours and GHG emission reduction of 17,000 tons from both JGSOC and URC warehouses and building offices within the complex.
“This milestone marks a significant step in our journey as we aim to become a leading renewable energy company in the country,” Merbau President and Chief Executive Officer Patrick Henry C. Go said.
Merbau partnered with Upgrade Energy Philippines, Inc. (UGEP) as its engineering, procurement and construction contractor.
“The project reinforces UGEP’s commitment as a leading player in the country’s energy transition goals and demonstrates our dedication to driving sustainable solutions and contributing to a greener future,” said UGEP President and Chief Executive Ruth Yu-Owen.
The construction of the solar project started in August last year and was rolled out into two phases. The first phase was completed in December 2022 with a capacity of 5.8 megawatts (MW) while the second phase was completed in April with a capacity of eight MW.
Mr. Go said the company is eyeing partnerships for projects with Robinsons Land Corp., URC, Cebu Pacific, as well as other companies within the Gokongwei group of companies.
“We also plan to expand our RE portfolio to be able to deliver power to eligible end-users outside of the Group in our commitment to solidify our dedication to sustainable and innovative energy solutions,” Mr. Go said.
On Monday, JG Summit said that its board had approved the proposal to infuse up to P11 billion into JGSOC to pay off the latter’s maturing obligations and to support its operations.
JG Summit reported a third-quarter attributable net income of nearly P5 billion, higher by almost three-fold from P1.89 billion in the same quarter last year.
Gross revenues rose by 23.8% to P87.94 billion from P71.04 billion a year earlier.
Shares of the company went down by P0.85 or 2.2% to close at P37.85 apiece. — Sheldeen Joy Talavera
