San Miguel Corporation (SMC) is reportedly planning to invest over $3 billion to develop a tidal power plant in the Philippines.
SMC’s President, Ramong Ang, said the cost of tidal plant that would produce up to 1,200MW of power would be $3.6 billion at $3 million investment per MW, according to the international stock market and financial news provider 4-traders.
“Our first renewable energy project will use ocean tidal technology and will generate 1,200 megawatts of electricity. It’s big, and it’s very cheap to operate that. It doesn’t require fuel. You spend to build it once and, with proper maintenance, it will run forever,” Ang was quoted as saying by the Inquirer.
The potential location for the project, as well as the technology that could be used, have not been revealed, but as 4-traders reports, the project already passed the financial and technical feasibility.
The construction could take up to five years, and SMC will not seek the subsidy from the government should it get to the targeted scale or capacity on a preferred single site, Manilla Bulletin reports.