GLOBAL Business Power (GBP) is eyeing to diversify into renewable energy (RE) as it aims to generate power from biomass, hydro and solar sources.

Engineer Leah Diaz, first vice president for Cebu operations at GBP, said the firm’s foray into RE will complement its existing coal and gas-fired power plants.

Speaking at the GBP-organized Power 101 Forum in Cebu City Thursday, Nov. 7, 2019, Diaz said the power company is now on “talking stages” for the plan.

“The target is to have 100 megawatts (MW) of RE in our portfolio,” she said.

Diaz said GBP is eyeing to acquire existing RE projects in the country, although she couldn’t cite the locations yet.

GBP is pursuing a new five-year vision where 300 MW of renewable energy will be developed.

GBP’s current capacity in the Visayas, where most of its plants are located, stands at 851.7 MW.

It is now one of the largest power producers in the Visayas.

More than 50 percent of energy needs in the Visayas are sourced from renewable sources such as hydro, geothermal, biomass and solar.

GBP’s Visayas subsidiaries include Panay Energy Development Corp. with 314 MW, Toledo Power Co. with 182 MW, Cebu Energy Development Corp. with 246 MW, Panay Power Corp. with 104.5 MW and GBH Power Resources Inc. with 7.5 MW.

Up to 56 percent of GBP was acquired by Metro Pacific Investments Corp. in mid-2016, through affiliate Beacon PowerGen Holdings Inc.

JG Summit Holdings Inc. holds 30 percent of GBP, while Meralco PowerGen Corp. owns 14 percent. CSL