SM Prime Holdings Inc. (SM Prime) inked a partnership with Citicore Renewable Energy Company (CREC) last July 11, 2023. This is a joint commitment that champion renewable energy.
Through this partnership, SM Prime will source its energy requirements 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 line with the Retail Competition and Open Access (RCOA) policies of the DOE. CREC is expected to provide up to 90-Megawatts (MWac) for this partnership.
"This partnership marks our strong commitment to providing sustainable operations in our developments nationwide," said John Ong, SM Prime CFO. "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."
This partnership likewise strengthens their commitmet to the DOE's program of moving up the renewable energy supply component of the Philippines to 35% by the year 2030.
"We are happy to partner with SM Prime in providing clean and safe renewable energy for their power requirements," said 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."
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