SM Investments to acquire the remaining 81% stake in Philippine Geothermal Production Company for $304m.

SM Investments, a company that is invests in market-leading businesses in retail, banking, and property, agreed to acquire the remaining 81% stake in Philippine Geothermal Production Company, a company that operates the Tiwi and Mak-Ban steam fields, for $304m. “As a leading sustainability advocate, SMIC is pleased to invest directly in clean renewable energy-related production, which is a national priority and aligned with our commitments to environmental stewardship and to tackling climate change. Renewable geothermal energy production contributes to carbon reduction efforts and is aligned to UN Sustainability Goals,” Frederic C. DyBuncio, SMIC President and CEO. On August 18, Investments Corporation received approval from the Securities and Exchange Commission.