SM Prime Holdings, Inc. (SM Prime) and Citicore Renewable Energy Company (CREC) signed a Memorandum of Agreement on July 11, 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 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 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,” Tan added.