Long-Term Cleanergy Agreement Between SM Prime and AboitizPower
One of the top property developers in Southeast Asia, SM Prime Holdings, Inc. (SM Prime), achieves its aim of raising the percentage of renewable energy in its portfolio to more than 50% by signing a long-term agreement with AboitizPower for Cleanergy supply. This is in support of the Department of Energy’s plan to increase the share of renewable energy in the nation’s energy supply to 35% by 2030.
According to the deal, AboitizPower will be able to provide energy from the Tiwi and MakBan Geothermal Power Plants, as well as PV Sinag’s Power Plants, which are run and managed by a subsidiary of AboitizPower called Aboitiz Renewables, Inc. (ARI). By the end of this long-term agreement, SM Prime properties such as malls, vacation homes, offices, hotels, and other buildings covered by the Retail Competition and Open Access (RCOA) will be powered.
“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 Jeffrey Lim, SM Prime Holdings Inc.’s President.
SM Prime builds legacy communities based on its core sustainable pillars: Economy, People, Environment, and Community. It is dedicated to generating value sustainably through its diverse business segments.
“AboitizPower is 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 Sandro Aboitiz, Senior Vice President of the Commercial Operations Business Unit.
“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 David Aboitiz, Aboitiz Renewables, Inc. (ARI) Vice President for Commercial Strategy, Sales, and Engagement.
The leading renewable energy provider plans to expand its Cleanergy portfolio in the next 10 years to support the government’s plans of boosting the renewable energy industry in the country. AboitizPower is targeting approximately 50:50 Cleanergy and thermal capacity mix by 2030.