Property developer SM Prime Holdings Inc. (SMPH) ramped up its solar energy capacity, resulting in improved operational efficiency and reduced carbon emission across its properties.
SMPH said in a disclosure to the stock exchange Monday it generated 27.6 gigawatt-hours (GWh) of clean energy in 2024, a 49-percent increase from the previous year.
SMPH said the rollout of solar panels across malls and residential developments led to a substantial reduction in reliance on conventional power sources. As a result, it reduced its carbon emissions by 19,140.6 tons of CO2, equivalent to taking more than 4,100 cars off the road annually.
The expansion aligns with the property firm’s broader sustainability strategy, which focuses on integrating renewable energy solutions into its operations to reduce both costs and environmental impact.
Since 2014, SM Prime has been a leader in renewable energy, with SM North EDSA becoming the first commercial property in the Philippines to install rooftop solar photovoltaic (PV) panels, marking the largest installation in Southeast Asia at that time.
It now operates 47 malls and properties with solar installations totaling 63 megawatts (MW) of capacity.
The company plans to add 20 rooftop solar PV projects to its portfolio in 2025, reinforcing its push toward greater energy efficiency and optimizing power consumption.
These efforts are part of SM Prime’s long-term strategy to ensure resilience against fluctuating energy costs.
“Expanding our use of solar energy enhances the sustainability of our developments. This initiative also enables us to support the Interruptible Load Program [ILP] of the Department of Energy [DOE],” said SMPH president Jeffrey Lim.
The ILP helps stabilize the electricity grid during peak demand, especially in the summer months, by allowing distribution utilities and electric cooperatives to request large power consumers, such as malls and factories, to use their own generator sets and power sources.
Most SM Supermalls participate in the ILP, contributing 110 MW of power during each activation. SM Prime leads the private sector in ILP contributions, with SM Mall of Asia providing the highest committed capacity at 15.92 MW.