SM Prime And Aboitiz Power Secure Long-Term Cleanergy Deal
SM Prime Holdings, Inc. (SM Prime), one of the leading property developers in Southeast Asia, secures a long-term deal with AboitizPower for Cleanergy supply, realizing its goal of increasing its renewable energy portfolio to more than 50%. This is in support of the Department of Energy’s program of moving up the renewable energy supply component of the country to 35% by year 2030.
Under the agreement, AboitizPower is poised to 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. (ARI). This long-term contract will power SM Prime properties, including malls, leisure homes, offices, hotels, and other establishments under the Retail Competition and Open Access (RCOA) by the end of 2022.
“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.