SM Prime Holdings, Inc. (SM Prime) and
Citicore Renewable Energy Company (CREC)
signed a Memorandum
of Agreement on 11 July
2023 as a joint commitment to champion renewable energy.
Through this
partnership, SM Prime will
source its energy requirements of up to 90-Megawatts (MWac) from
CREC’s upcoming Lumbangan Solar Power Plant
in Tuy, Batangas. The
long-term agreement will
commence in the first half
of 2024. This is in line with
the Retail Competition and
Open Access (RCOA) policies of the Department of
Energy.
This development further strengthens both CREC and SM
Prime’s commitment to
the Department of Energy’s program of moving
up the renewable energy
supply component of the
Philippines to 35% by the
year 2030.
“This partnership marks our strong
commitment to providing
sustainable operations in
our developments nationwide. It is aligned with SM
Prime’s target of achieving
net zero by the year 2040.
SM Prime ensures that its
risk-informed investments
catalyze sustainable development and positive
change in the communities where it operates,”
said Mr. John Ong, SM
Prime Chief Finance Officer.
The agreement
with SM Prime adds to
CREC’s long list of bluechip company partners,
attesting to the company’s
solid performance and
service excellence.
“We are happy
to partner with SM Prime
in providing clean and
safe renewable energy for
their power requirements,”
said Mr. Oliver Tan, CREC
President. “We believe
that their support and trust
in us through this partnership reflects our commitment as a renewable energy provider, and we are
glad that SM Prime shares
in our vision of a sustain
able future,” Mr. Tan added.
ABOUT SM PRIME:
SM Prime is one
of the largest integrated
property developers in
Southeast Asia that offers
innovative and sustainable lifestyle cities with
the development of malls,
residences, offices, hotels,
and convention centers.
ABOUT CITICORE:
Citicore Renewable aims to lead the renewable energy revolution
by empowering Filipino
communities through positive energy. With a projected 5 Gigawatts of green
capacity addition in the
next five years, Citocore
Renewable is committed
to powering a First-World
Philippines with Pure Renewable Energy.
