SM Prime, Citicore Forge Historic Green Future Partnership

SM Prime Holdings, Inc. (SM Prime), a prominent leader in Southeast Asia's integrated property development, and Citicore Renewable Energy Corporation (CREC), a trailblazer in the renewable energy sector, have forged a momentous partnership, sealed through a Memorandum of Agreement signed on July 11, 2023.

Powering Progress Together: A convergence of industry leaders marks a pivotal moment as (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, and CREC Sr. Manager for Sales & Energy Trading Jerard Garcia, stand united. Their combined efforts forge a path towards sustainable energy solutions, illuminating the way to a brighter and cleaner future. I Photo: SM Prime

This landmark agreement stands as a resounding commitment to steer the course toward a cleaner and more sustainable energy future.

In an endeavor that echoes the values of innovation and environmental consciousness, SM Prime has undertaken to procure a substantial portion of its energy requisites, up to an impressive 90-Megawatts (MWac), from CREC's soon-to-be-inaugurated Lumbangan Solar Power Plant, nestled in the serene landscape of Tuy, Batangas.

This pivotal move, poised to commence in the first half of 2024, aligns seamlessly with the visionary Retail Competition and Open Access (RCOA) policies upheld by the Department of Energy.

This milestone marks a monumental stride not only for SM Prime and CREC but for the larger objective of the Department of Energy's aspiration to escalate the renewable energy sector's contribution to the Philippines' overall energy makeup to an inspiring 35% by the year 2030.

The essence of this partnership, as expounded by Mr. John Ong, SM Prime's Chief Finance Officer, lies in a formidable commitment to instill sustainable practices within the fabric of their nationwide developments.

“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 Ong.

For CREC, this alliance stands as a testament to its sterling reputation and unwavering commitment to excellence. By welcoming SM Prime into its roster of distinguished partners, CREC underscores its prowess in delivering clean, reliable, and secure renewable energy solutions.

Mr. Oliver Tan, President of CREC, echoed his enthusiasm for the partnership, underscoring the significance of this collaboration in propelling their shared vision of a sustainable future.

He expressed his contentment in collaborating with SM Prime to provide an uninterrupted supply of clean and safe renewable energy, highlighting that SM Prime's decision to partner with CREC symbolizes a mutual dedication to a greener tomorrow.

“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 emphasized.

Intriguingly, this synergy transcends business as usual. It champions a philosophy of empowerment and transformation, and this sentiment is magnificently encapsulated in CREC's mission to drive a renewable energy revolution that uplifts Filipino communities through positive energy.

Bolstered by an impressive target of integrating 5 Gigawatts of green energy capacity in the upcoming five years, CREC is poised to drive the Philippines towards a first-world status powered entirely by pure, untainted renewable energy.

Notably, SM Prime's role extends beyond real estate development. As one of the stalwarts of integrated property development in Southeast Asia, the conglomerate crafts vibrant lifestyle cities embellished with an array of meticulously designed malls, residences, offices, hotels, and convention centers.

In this era where sustainability and innovation intertwine, the SM Prime-CREC partnership stands as a beacon of hope and progress, demonstrating that collaborative efforts between giants in real estate and renewable energy can pave the way for a future that is both environmentally conscious and economically robust.

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