PNOC studies turning 142-ha Batangas site into energy hub

Simlong Energy Development Corp. (SEDCO) is exploring a potential energy hub on its 142-hectare property in Batangas City, tapping the state-run Philippine National Oil Co. (PNOC) to assess the site’s wind resource potential.

SEDCO, a subsidiary of listed AbaCore Capital Holdings Inc., signed a second amendment to its memorandum of agreement with PNOC covering the wind resource study on the property.

Under the agreement, PNOC will assess the site through wind resource evaluation, geospatial studies, mapping, techno-economic analysis, and forecasting.

The 22-month study will determine whether the Batangas property is viable for establishing an energy hub and related energy infrastructure.

“Should the result of the study yield positive results, it will enhance the goal of the Company of diversifying its investment asset portfolio,” AbaCore said in a disclosure on Thursday.

Meanwhile, the amended agreement remains effective until 28 June 2028, four months longer than its original expiration, unless further extended, amended or revoked by mutual agreement.

In July, AbaCore began shifting from an investment holding company into a diversified operating enterprise, with tourism, renewable energy and property development to drive its next phase of growth.

The company is pursuing renewable energy projects through SEDCO and its partnership with PNOC while seeking to monetize its broader asset portfolio through development, partnerships, sales, leases and joint ventures.

Its flagship Montemaria project in Batangas is also being developed beyond its pilgrimage roots into an integrated tourism estate.

Last year, AbaCore booked a net income of P1.732 billion, while total assets rose 5 percent to P28.009 billion and equity increased 8 percent to P23.655 billion. Liabilities fell 9 percent to P4.354 billion.