SM Investments Corp. (SMIC) is intensifying efforts to expand investments in renewable energy (RE) as a long-term growth driver, spurred by promising economies of scale and technological advances — which have made renewables more competitive than fossil fuels.
The company yesterday said the move is also meant to broaden its sources of clean power to help future-proof its businesses, and the communities it serves.
SMIC said that at present, it has existing investments in RE technologies, namely, geothermal and solar, with plans to also venture into wind energy projects.
But the company declined to detail specific plans in terms of its possible wind energy venture, though it highlighted the current operations of its subsidiary, Philippine Geothermal Production Co. Inc. (PGPC).
“We are focused on geothermal energy production, which is baseload and runs 24/7. Production has been doing well, and with a new rig in place, we are building capacity to develop more sites,” Frederic DyBuncio, SMIC president and chief executive officer said.
PGPC currently operates the geothermal steam fields in Tiwi, Albay and MakBan in Laguna and Batangas with a total installed capacity of 682 megawatts (MW).
It is also advancing five new concession areas, including Mt. Malinao in Albay, where three wells have already been drilled.
SMIC added that its RE push also extends across its other businesses including to Carmen Copper Corp., a unit of Atlas Consolidated Mining and Development Corp. which recently commissioned the country’s first MW-scale floating solar facility in Toledo City, Cebu.
The project covers three hectares of the Malubog Reservoir which is capable of generating 4.99 MW of RE, and provide about 10 percent of the copper mine’s energy needs.
Meanwhile, SMIC also said that for the group’s integrated property developer, SM Prime, has so far installed solar photovoltaic systems across 48 malls with a combined 77.6 MW capacity.
The company revealed that its most recent installation is at SM City Fairview in Quezon City, spanning 4.3 hectares with an annual output of 5,960 megawatt hours — equivalent to 11 percent of the mall’s power use.
SMIC said that by the end of the year, SM Prime targets to have rooftop solar installations in 63 malls with 100 MW total capacity.
The company said that SM Retail is also advancing clean energy adoption as the SM Store in Cubao now sources 3.8 percent of its power from a rooftop solar, while the SM Retail Headquarters in Pasay City has been running fully on RE since November 2024.
SMIC also said that its logistics arm, 2GO Group Inc. has likewise shifted to RE use for its warehouses in Asinan in Paranaque City and Elisco in Pasig City as the latter is deploying 42 electric forklifts that cut 50 metric tons of carbon emissions annually.
SMIC also mentioned that its banking arm, BDO Unibank Inc., has so far financed a total of 63 RE projects with a total portfolio of P1 trillion and installed capacity of 2,679 MW.
“At SM, we see renewable energy as both a responsibility and an opportunity to support the country’s energy transition while building more resilient and sustainable businesses and communities,” DyBuncio declared.
