Philippine Geothermal Production Co. Inc. (PGPC), part of SM Investments Corp., has successfully bid for a 25 megawatt (MW) geothermal project in Southern Leyte during the government's fifth round of open and competitive selection process (OCSCP-5). This project is a significant addition to PGPC's geothermal portfolio, which already includes operations in various regions, contributing to a total capacity of nearly 700 MW. The company aims to enhance its geothermal presence, including aspirations to enter the Mindanao market. Geothermal energy is crucial for the Philippines' renewable energy targets, being a reliable, continuous power source. To mitigate risks associated with geothermal exploration, the government has launched a derisking facility to assist companies with the high costs of drilling, which can range from $10 million to $12 million per well. Other successful bidders in this round include Almanapower Corp. for hydroelectric projects and Sara Philippines Holdings Corp. for wind energy.