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(From left to right)
SM SM Prime President Jeffrey Lim, CREC Chairman Edgar Saavedra, CREC President
& CEO Oliver Tan, CREC Sr. Manager Sales & Energy Trading Jerard Garcia
Prime Energy Consultant Jaime Patinio, SM Prime Chief Finance Officer John Nai
Peng Ong,
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. ###
ABOUT
SM PRIME:
SM
Prime is one of the largest integrated property developers in Southeast Asia
that offers innovative and sustainable lifestyle cities with the development of
malls, residences, offices, hotels, and convention centers.
ABOUT
CITICORE:
Citicore Renewable aims to lead the renewable energy revolution by
empowering Filipino communities through positive energy. With a projected 5
Gigawatts of green capacity addition in the next five years, Citocore Renewable
is committed to powering a First-World Philippines with Pure Renewable Energy.
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