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
sustainable 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.(K