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 blue-chip 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.
0 Comments