SM Prime, CREC sign RE supply deal

SM Prime – CREC

SM Prime Holdings, Inc. (SM Prime) and Citicore Renewable Energy Corporation (CREC) entered into a Memorandum of Agreement (MOA) to promote Renewable Energy (RE). 

This agreement will take effect in 2024, aligning with the Retail Competition and Open Access (RCOA) policies of the Department of Energy (DOE). Through this partnership, SM Prime will secure 90 megawatts (MW) of energy from CREC’s Lumbangan Solar Power Plant located in Tuy, Batangas.

The said partnership fortifies SM Prime’s and CREC’s commitment to the RE program of the DOE in achieving a 35% of renewables by 2030, CREC said. 

“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,” said Mr. John Ong, SM Prime Chief Finance Officer. 

Ong assures that these investments foster a positive change in the communities the projects are put in and would further create sustainable development. 

“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,” said CREC President, Oliver Tan.