Property giant SM Prime Holdings aims to boost by 50% its electricity consumption from renewable energy (RE) by the end of next year.
At the same time, the Sy-led firm will expand the use of solar roof decks in its various properties to partly meet the electricity requirements of its business operations. Among SM Prime’s existing solar rooftop projects is that in the Mall of Asia complex in Pasay City (photo above).
The moves, it said, are in support of the Department of Energy’s aim of having RE comprise 35% of the country’s energy mix by 2030.
“Sustainability has always been a part of SM’s strategy and we are continuously exploring ways to promote environmental consciousness in our operations and developments. We are now embarking on a program to utilize more of renewable energy in our business operations to minimize environmental impact,” SM Prime President Jeffrey Lim said in a statement.
As of end-June, SM Prime has eight facilities under the government’s retail competition and open access (RCOA) scheme that utilize clean energy in its operations with a total capacity of 7.7 megawatts (MW). With the new program, the number of facilities using clean energy will be increased to more than 50, with a combined maximum capacity of 140MW.
SM Prime is also already working out diversification of energy sources even in developments where RCOA is not yet implemented.
The Energy Regulatory Commission back in February opened the RCOA program for contestable customers consuming at least 500 kilowatts (kW) per month. The threshold would be lowered to 100kW in January 2022.
Through these efforts, SM said it is committed to provide affordable and clean energy to its tenant-partners, minimizing the carbon footprint emission in its operations.
“As we continue to strive for more sustainable operations, SM Prime will keep working towards a future-proofed business by developing proactive solutions through partnership with various public and private entities that can further improve our way of business and reduce the carbon footprints generated in our operations,” Lim added.