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