APC Group, a subsidiary of SM Group's gaming arm Belle, is gearing up to invest $300m to develop a 100MW geothermal project in Kalinga province, Philippines.
The company has scheduled commencement of the facility for 2018, with plans to raise the power generation capacity to 300MW. The geothermal project is being developed in association with Chevron Geothermal Philippines Holdings.
Confirming the geothermal project, APC Group president Frederic DyBuncio told abs-cbnnews.com that the company is currently focusing on restructuring and geothermal power resources.
APC Group chief Finance officer Bernardo Lim said the company is expecting revenues from geothermal projects in the near future.
"By third quarter of 2014, we are going to drill exploration wells. If the exploration wells will prove the existence of a commercial source, we will start the construction of a power plant," added Lim.
Besides Kalinga project, APC also holds service contract for two geothermal projects – 60MW Mainit-Sadanfa project in Kalinga and 100MW Buguias-Tinoc facility in Benguet province.