SM Prime Holdings Inc., one of Southeast Asia’s leading property developers, signed a power supply deal with Aboitiz Power Corp. as it aims to promote a more sustainable future for the Philippines.
This long-term contract will supply clean electricity to SM Prime’s malls, leisure homes, offices, hotels and convention centers.
The deal will enable SM Prime to realize its goal of increasing its renewable energy portfolio by more than 50 percent across its various business segments by end-2022.
“This partnership with AboitizPower is aligned with our unwavering commitment to being a catalyst for economic growth and steward of nature. We will continue providing world-class amenities within our sustainable lifestyle cities that have been beneficial and inspirational to millions of Filipinos,” SM Prime Holdings president Jeffrey Lim said.
Aboitiz Power will supply Cleanergy, the company’s brand for clean and renewable energy, from its Tiwi-MakBan geothermal power plants, and PV Sinag’s solar power facilities, which are operated and managed by subsidiary Aboitiz Renewables, Inc.
AboitizPower, together with its partners, is the Philippines’ largest owner and operator of renewable energy based on installed capacity.
“We thank SM Prime for trusting us to be their partner in their transition to clean and renewable energy. It is a privilege to be given the opportunity to power various SM Prime properties with our renewable assets,” said AboitizPower SVP Sandro Aboitiz.
For his part, ARI vice president for commercial strategy, sales, and engagement David Aboitiz said they were working to expand their renewable energy portfolio amid the rising demand for Cleanergy.
AboitizPower aims to build an additional 3,700 MW of renewable energy to boost its Cleanergy capacity threefold by 2030.