SM Prime Holdings, Inc. (SM Prime) and Citicore Renewable Energy Company (CREC) have officially joined forces in a significant move to promote renewable energy. On July 11, 2023, they signed a Memorandum of Agreement, solidifying their commitment to championing sustainable practices.
Under this collaborative partnership, SM Prime has pledged to procure a substantial portion of its energy needs. Their needs of up to 90 megawatts (MWac) will be from CREC’s upcoming Lumbangan Solar Power Plant in Tuy, Batangas. This long-term agreement will begin in the first half of 2024. The initiative aligns perfectly with the Department of Energy’s Retail Competition and Open Access (RCOA) policies.
Citicore and SM Prime Promoting Renewable Energy
This strategic development not only strengthens Citicore and SM Prime’s dedication to promoting renewable energy but also supports the Department of Energy’s goal of increasing the Philippines’ renewable energy supply to 35% by 2030.
Mr. John Ong, SM Prime’s Chief Finance Officer, emphasized the significance of this partnership. “This partnership marks our strong commitment to providing sustainable operations in our developments nationwide. It is aligned with SM Prime’s target of achieving a 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“
For CREC, the agreement with SM Prime is yet another milestone in their growing list of prestigious partners. This recognition stands as a testament to CREC’s exceptional performance and dedication to delivering top-notch 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