SM Prime Taps Citicore Renewables For The Supply Of Clean Energy

SM Prime Holdings, Inc will source its energy requirements of up to 90 megawatts from the upcoming Solar Power Plant in Tuy, Batangas of Citicore Renewable Energy Corp in line with the government program to upscale the country’s renewable energy supply to 35 percent by 2030.

Photo Insert: 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.

Set to start in the first half of next year, the supply of the energy requirement of SM Prime is part of the company’s commitment to lowering the carbon footprint that leads to climate change.

The two companies, both listed on the exchange, earlier signed a Memorandum of Agreement on 11 July 2023 as a joint commitment to champion renewable energy.

The long-term agreement 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 on renewable energy supply.

“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,” according to 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,” 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.

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