30/07/2024
SM Prime widens the landscape in renewable energy
SM Prime Holdings, Inc. (SM Prime) partnered with global integrated energy company TotalEnergies for the installation of a 2 Megawatt-peak (MWp) Solar Photovoltaic (PV) System Rooftop project in Pasay City as part of its net-zero commitment by 2040, one of Asia’s leading real estate and property developers.
The partnership venture aligns with SM Prime’s efforts to expand its renewable energy portfolio and affirms TotalEnergies’ commitment to advancing renewable energy solutions in various urban settings.
Designed with a power yield of 3,000 Megawatt-hour (MWh) of electricity annually, the solar partnership project has over 3,672 PV panels installed. It is expected to provide substantial cost savings for SM Prime. Located at the MOA Square in the Mall of Asia Complex, the solar installations are expected to reduce the building’s carbon footprint by about 1,430 tons of carbon dioxide (CO2) emissions annually.
For the past few years, SM Prime has continued to grow its partnerships with key clean energy players, leveraging its relationships and earned experiences to drive its environmental stewardship campaign. Capitalizing on these partnerships has provided SM Prime with huge economic, environmental, and social dividends.
In 2022, SM Prime secured a long-term deal with AboitizPower for its clean energy supply. Under the agreement, AboitizPower will provide reliable and responsibly sourced energy from Tiwi-MakBan Geothermal Power Plants and PV Sinag’s Power Plants, operated and managed by AboitizPower subsidiary, Aboitiz Renewables, Inc. (ARI).
The following year, SM Prime signed a memorandum of agreement with Citicore Renewable Energy Company (CREC). SM Prime will source 90 megawatts (MWac) from CREC’s upcoming Lumbangan Solar Power Plant in Tuy, Batangas.
Apart from contributing to the DOE’s 35% renewable energy goal by 2030, all these partnerships are aligned with the Energy Department and Energy Regulatory Commission’s (ERC) policy of expanding the adoption of Retail Competition and Open Access (RCOA) in the energy industry.
SM Prime currently sources at least 50% of its electricity utilization from clean, renewable energy.
SM Prime supports the Philippine government’s aim to increase the country’s renewable energy supply component to 50% by 2040. It remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people. SM Prime is pursuing the next horizon of integrated property development and building sustainable cities for the future.
