AS part of its net-zero commitment by 2040, one of Asia's leading real estate and property developers, SM Prime Holdings Inc. (SM Prime), has partnered with global integrated energy company TotalEnergies for the installation of a 2-megawatt, peak solar photovoltaic (PV) system in Pasay City.
The partnership venture aligns with SM Prime's efforts in expanding its renewable energy portfolio and affirms TotalEnergies' commitment to advancing renewable energy solutions in various urban settings.
Designed with a power yield of 3,000 megawatt-hours of electricity annually, the solar partnership project has over 3,672 PV panels installed, and the rooftop project is expected to provide huge cost savings for SM Prime. Located at the MoA Square in the Mall of Asia (MoA) Complex, the solar installations are expected to reduce the building's carbon footprint by about 1,430 tons of carbon dioxide emissions annually.
John Nai Peng Ong, SM Prime chief finance officer says: "SM Prime is proud to work alongside TotalEnergies on this project. This partnership is our commitment to sustainability and achieving net zero by 2040. We are also taking a proactive stance in supporting the Department of Energy's (DoE) target of reaching 35-percent renewable energy by 2030. Together, we're driving meaningful change [toward] a more environmentally conscious future."
"We are thrilled to announce the successful deployment of solar rooftop installations at the Mall of Asia in the Philippines, marking a significant achievement in both environmental and economic sustainability for SM Prime," says Elodie Renaud, managing director of TotalEnergies Renewables Distributed Generation Asia.
For the past few years, SM Prime continues to grow its partnerships with key clean energy players, leveraging its relationships and earned experiences to drive its environmental stewardship campaign. Capitalizing on these partnerships has provided for SM Prime huge economic, environmental and social dividends.
SM Prime has secured a long-term deal with Aboitiz Power Corp. (AboitizPower) for its clean energy supply in 2022. Under the agreement, AboitizPower will provide reliable and responsibly sourced energy from Tiwi-MakBan Geothermal Power Plants and PV Sinag's Power Plants, operated and managed by AboitizPower subsidiary, Aboitiz Renewables Inc.
The following year, SM Prime has signed a memorandum of agreement with Citicore Renewable Energy Company (CREC), wherein SM Prime will source 90 megawatts from CREC's upcoming Lumbangan Solar Power Plant in Tuy, Batangas.
Apart from contributing to the DoE's 35-percent renewable energy goal by 2030, all these partnerships are aligned with the energy department and Energy Regulatory Commission's policy of expanding the adoption of Retail Competition and Open Access or RCOA in the energy industry.
To date, SM Prime currently sources at least 50 percent of its electricity utilization from clean, renewable energy.
SM Prime supports the Philippine government's aim to increase the country's renewable energy supply component to 50 percent by the year 2040. It remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities; thereby, enriching the quality of life of millions of people. SM Prime is pursuing the next horizon on integrated property development and onward to building sustainable cities of the future.