As part of its net-zero commitment by 2040, SM Prime Holdings, Inc. (SM Prime), one of Asia’s leading real estate and property developers, has partnered with global integrated energy company TotalEnergies to install a 2 Megawatt-peak (MWp) Solar Photovoltaic (PV) System on the rooftop of a project in Pasay City.
This partnership aligns with SM Prime’s efforts to expand its renewable energy portfolio and affirms TotalEnergies’ commitment to advancing renewable energy solutions in various urban settings.
Designed to yield 3,000 Megawatt-hours (MWh) of electricity annually, the solar project features over 3,672 PV panels and is expected to provide significant cost savings for SM Prime. Located at MOA Square in the Mall of Asia Complex, the solar installations are anticipated to reduce the building’s carbon footprint by about 1,430 tons of carbon dioxide (CO2) emissions each year.
“SM Prime is proud to work alongside TotalEnergies on this project. This partnership underscores our commitment to sustainability and achieving net-zero emissions by 2040. We are also supporting the Department of Energy’s (DOE) target of reaching 35 percent renewable energy by 2030. Together, we’re driving meaningful change toward a more environmentally conscious future,” said John Nai Peng Ong, SM Prime chief financial officer.
“We are thrilled to announce the successful deployment of solar rooftop installations at the Mall of Asia in the Philippines, marking a significant achievement in both environmental and economic sustainability for SM Prime,” said Elodie Renaud, managing director of TotalEnergies Renewables Distributed Generation Asia.
In recent years, SM Prime has expanded its partnerships with key clean energy players, leveraging these relationships and experiences to drive its environmental stewardship campaign. These partnerships have provided significant economic, environmental, and social benefits for SM Prime.
In 2022, SM Prime secured a long-term agreement with AboitizPower for its clean energy supply. Under this agreement, AboitizPower will provide reliable and responsibly sourced energy from the Tiwi-MakBan Geothermal Power Plants and PV Sinag’s Power Plants, operated by AboitizPower subsidiary Aboitiz Renewables, Inc. (ARI).
The following year, SM Prime signed a memorandum of agreement with Citicore Renewable Energy Company (CREC), under which SM Prime will source 90 megawatts (MWac) from CREC’s upcoming Lumbangan Solar Power Plant in Tuy, Batangas.
These partnerships not only contribute to the DOE’s 35 percent renewable energy goal by 2030 but also align with the policies of the Energy Regulatory Commission (ERC) and the DOE to expand the adoption of Retail Competition and Open Access (RCOA) in the energy industry.
To date, SM Prime sources at least 50 percent of its electricity from clean, renewable energy.
SM Prime supports the Philippine government’s aim to increase the country’s renewable energy supply component to 50 percent by 2040. The company remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, and enriching the quality of life for millions of people. SM Prime is advancing toward the next horizon in integrated property development and building sustainable cities for the future.
