The Sy family’s business empire is broadening its clean energy push, with Philippine Geothermal Production Company Inc. (PGPC) setting its eyes on wind projects alongside its existing geothermal operations, Bilyonaryo.com earlier reported.

SM Investments Corp. (SMIC) President and CEO Frederic C. DyBuncio said the move reflects the group’s long-term commitment to renewable energy. “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,” he said during SMIC’s first-half briefing, as reported by Bilyonaryo.com.

PGPC currently operates the Tiwi steam field in Albay and the MakBan site spanning Laguna and Batangas. It is also advancing five new concession areas, including Mt. Malinao, where three new wells have already been drilled. 

Clean energy initiatives stretch across several SM companies. Carmen Copper Corp., under Atlas Consolidated Mining and Development Corp., recently switched on a 4.99-megawatt (MW) floating solar facility in Toledo City, Cebu—the first utility-scale project of its kind in the Philippines. The plant supplies roughly 10% of the mine’s energy needs.

SM Prime Holdings, meanwhile, is targeting 100 MW of solar capacity across 63 malls nationwide by 2025. SM Retail is taking similar steps: the SM Store in Cubao already sources part of its supply from rooftop solar, while the Pasay headquarters has been running fully on renewable energy since late 2024.

In logistics, 2GO Group is cutting emissions by powering its Asinan and Elisco warehouses with renewable supply and deploying 42 electric forklifts at Elisco. The shift reduces carbon output by around 50 metric tons each year.

Supporting these projects is BDO Unibank, also part of the Sy group, which has become one of the country’s largest green financiers. To date, it has funded 63 renewable energy projects with a combined capacity of 2,679 MW, accounting for a sustainable finance portfolio of over PHP trillion.

DyBuncio said the group views renewables not only as a business strategy but also as a moral imperative. “We’re only given one planet. 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,” he said.

By moving from geothermal into wind, scaling up solar across its properties, and investing in electrified logistics, SMIC positions itself as one of the country’s largest corporate players driving the renewable shift.

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