(From left to right) SM Prime Energy Consultant Jaime Patinio, SM Prime Chief Finance Officer John Nai Peng Ong, SM Prime President Jeffrey Lim, CREC Chairman Edgar Saavedra, CREC President & CEO Oliver Tan, CREC Sr. Manager Sales & Energy Trading Jerard Garcia
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SM Prime Holdings, Inc. (SM Prime) and Citicore Renewable Energy Company (CREC) signed a Memorandum of Agreement on July 11, 2023, as a joint commitment to champion renewable energy.
Through this partnership, SM Prime will source its energy requirements of up to 90-Megawatts (MW) from CREC’s upcoming Lumbangan Solar Power Plant in Tuy, Batangas.
The long-term agreement, which will start in the first half of 2024, is in line with the Department of Energy’s Retail Competition and Open Access (RCOA) policies. This agreement further strengthens both CREC and SM Prime’s commitment to DOE’s program of moving up the renewable energy supply component of the Philippines to 35 percent by the year 2030.
“This partnership marks our strong commitment to providing sustainable operations in our developments nationwide. It is aligned with SM Prime’s target of achieving net zero by the year 2040. SM Prime ensures that its risk-informed investments catalyze sustainable development and positive change in the communities where it operates,” SM Prime Chief Finance Officer John Ong said.
The agreement with SM Prime adds to CREC’s long list of blue-chip company partners, attesting to the company’s solid performance and service excellence.
“We are happy to partner with SM Prime in providing clean and safe renewable energy for their power requirements,” CREC President Oliver Tan said.
“We believe that their support and trust in us through this partnership reflects our commitment as a renewable energy provider, and we are glad that SM Prime shares in our vision of a sustainable future,” Tan added.
