SM Prime widens the landscape in renewable energy

 

More than 3,600 solar panels were installed on the roof of MOA Square in the Mall of Asia Complex. 

As part of its commitment to achieving net-zero emissions by 2040, SM Prime Holdings, Inc. (SM Prime), one of Asia’s leading real estate and property developers, has partnered with the global integrated energy company TotalEnergies. This collaboration involves the installation of a 2 Megawatt-peak (MWp) Solar Photovoltaic (PV) System Rooftop project in Pasay City.

The partnership supports SM Prime's initiative to expand its renewable energy portfolio and reinforces TotalEnergies' dedication to promoting renewable energy solutions in urban environments.

With a design capacity to generate 3,000 Megawatt-hours (MWh) of electricity annually, the solar project includes over 3,672 PV panels and is expected to deliver significant cost savings for SM Prime. The installations, located at the MOA Square in the Mall of Asia Complex, are anticipated to reduce the building's carbon footprint by approximately 1,430 tons of carbon dioxide (CO2) emissions each year.

"SM Prime is proud to work alongside TotalEnergies on this project. This partnership is our commitment to sustainability and achieving Net Zero by 2040. We are also taking a proactive stance in supporting the Department of Energy’s (DOE) target of reaching 35% renewable energy by 2030. Together, we’re driving meaningful change toward a more environmentally conscious future," said John Nai Peng Ong, SM Prime Chief Finance Officer.  

“We are thrilled to announce the successful deployment of solar rooftop installations at the Mall of Asia in the Philippines, marking a significant achievement in both environmental and economic sustainability for SM Prime,” said Elodie Renaud, Managing Director of TotalEnergies Renewables Distributed Generation Asia. 

Over the past few years, SM Prime has continued to expand its partnerships with key players in the clean energy sector, leveraging its relationships and accumulated experience to advance its environmental stewardship initiatives. These partnerships have yielded significant economic, environmental, and social benefits for SM Prime.

In 2022, SM Prime entered into a long-term agreement with AboitizPower to secure a supply of clean energy. Under this deal, AboitizPower will provide reliable and responsibly sourced energy from the Tiwi-MakBan Geothermal Power Plants and PV Sinag's Power Plants, operated and managed by its subsidiary, Aboitiz Renewables, Inc. (ARI).

The following year, SM Prime signed a memorandum of agreement with Citicore Renewable Energy Company (CREC) to source 90 megawatts (MWac) from CREC's upcoming Lumbangan Solar Power Plant in Tuy, Batangas.

These partnerships align with the Department of Energy's goal of achieving 35% renewable energy by 2030 and support the Energy Regulatory Commission’s (ERC) policy of expanding the adoption of Retail Competition and Open Access (RCOA) in the energy industry.

Currently, SM Prime sources at least 50% of its electricity from clean, renewable energy. The company supports the Philippine government's target to increase the country's renewable energy supply to 50% by 2040. SM Prime remains dedicated to its role as a catalyst for economic growth, providing innovative and sustainable lifestyle cities that enhance the quality of life for millions. The company is committed to the next phase of integrated property development and building sustainable cities for the future.