SM Prime and Citicore Partner to Champion Renewable Energy
SM Prime and Citicore Partner to Champion Renewable Energy
SM Prime Holdings, Inc. (SM Prime) and Citicore Renewable Energy Company (CREC) have signed a Memorandum of Agreement (MOA) to source up to 90 megawatts (MWac) of clean energy from CREC’s upcoming Lumbangan Solar Power Plant in Tuy, Batangas. The long-term agreement will commence in the first half of 2024.
This partnership is a major step forward for both companies in their commitment to renewable energy. SM Prime is a leading developer of retail and commercial properties in the Philippines, and has a goal of achieving net zero emissions by 2040. Citicore is a leading renewable energy developer in the Philippines, and has a portfolio of over 1,000 MWac of solar and wind projects.
The Lumbangan Solar Power Plant is a 90 MWac photovoltaic solar project located in Tuy, Batangas. The project is expected to be completed in the first half of 2024, and will generate enough electricity to power approximately 80,000 homes.
The agreement between SM Prime and Citicore is a significant milestone for the Philippine renewable energy industry. It is the first major agreement between a major retail developer and a renewable energy company, and it demonstrates the growing demand for clean energy in the Philippines.
The partnership is also a major boost for the Department of Energy’s (DOE) goal of increasing the share of renewable energy in the country’s power mix to 35% by 2030.
“This partnership marks our strong commitment to providing sustainable operations in our developments nationwide,” said John Ong, Chief Finance Officer of SM Prime. “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.”
“We are happy to partner with SM Prime in providing clean and safe renewable energy for their power requirements,” said Oliver Tan, President of Citicore. “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.”
The agreement between SM Prime and Citicore is a major step forward for both companies and for the Philippine renewable energy industry. It is a sign of the growing demand for clean energy in the Philippines, and it is a boost for the DOE’s goal of increasing the share of renewable energy in the country’s power mix.
