SM Prime taps Citicore Renewables for the supply of Clean Energy

 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. 

(From left to right) SM Prime Energy Consultant Jaime Patinio, SM Prime Chief Finance Officer John Nai Peng Ong, SM Prime President Jeffrey Lim, CREC Chairman Edgar Saavedra, CREC President & CEO Oliver Tan, CREC Sr. Manager Sales & Energy Trading Jerard Garcia

This development further strengthens 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 aligns with SM Prime's target of achieving net zero by 2040. SM Prime ensures that its risk-informed investments catalyze sustainable development and positive change in its communities,” 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.