SM Prime Holdings Inc., one of the leading property developers in Southeast Asia, said Friday it secured a long-term clean energy supply deal with Aboitiz Power Corp. to power ts malls and other properties.
Aboitiz Power under the agreement will supply reliable and responsibly-sourced energy from Tiwi and MakBan Geothermal Power Plants and PV Sinag’s power plants operated and managed by AboitizPower subsidiary Aboitiz Renewables Inc. to SM Prime.
“This partnership with AboitizPower is aligned with our unwavering commitment to being a catalyst for economic growth and steward of nature. We will continue providing world-class amenities within our sustainable lifestyle cities that have been beneficial and inspirational to millions of Filipinos,” said SM Prime president Jeffrey Lim.
The long-term contract will power SM Prime properties, including malls, leisure homes, offices, hotels and other establishments under the retail competition and open access regime by the end of 2022.
Aboitiz Power said it was thrilled to be SM Prime’s partner in building sustainable lifestyle cities.
“We thank SM Prime for trusting us to be their partner in their transition to clean and renewable energy. It is a privilege to be given the opportunity to power various SM Prime properties with our renewable assets,” said AboitizPower senior vice president for commercial operations business unit Sandro Aboitiz.
Aboitiz Power said it would expand its Cleanergy portfolio in the next ten years to support the government’s plans to boost the renewable energy industry in the country. The Department of Energy aims to increase the country’s renewable energy supply share to 35 percent by 2030.
Aboitiz Power expects to have 50:50 Cleanergy and thermal capacity mix by 2030.
“We consider it a great milestone for our group to be in support of SM’s transition to renewable energy and are working to rapidly expand our renewable portfolio as the demand for Cleanergy grows. We have supported a growing number of corporations transitioning to clean and renewable energy and we are excited at the prospect of seeing a future where Cleanergy is the norm,” said Aboitiz Renewables Inc. vice president for commercial strategy, sales and engagement David Aboitiz.
SM Prime said it was committed to providing safe and sustainable spaces for its stakeholders. The developer said it builds legacy communities based on the core sustainable pillars of economy, people, environment, and community.
SM Prime is also a key player in the SM Green Movement that aims to improve the quality of life of communities through sustainable solutions to promote a green planet, green living, and a green culture.