(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
On July 11, 2023, SM Prime Holdings, Inc. (SM Prime) and Citicore Renewable Energy Company (CREC) agreed to work together to promote renewable energy.
Through this collaboration, SM Prime would obtain up to 90 Megawatts (MWac) of its energy needs from CREC’s new Lumbangan Solar Power Plant in Tuy, Batangas. Beginning in the first part of 2024, the long-term agreement will take effect. This is in accordance with the Department of Energy’s Retail Competition and Open Access (RCOA) policies.
This development reinforces CREC and SM Prime’s dedication to the Department of Energy’s aim to increase the Philippines’ share of renewable energy supply to 35% by 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,” said Mr. John Ong, SM Prime Chief Finance Officer.
The partnership with SM Prime is the latest blue-chip firm partner for CREC, demonstrating the organization’s strong performance and superior customer service.
“We are happy to partner with SM Prime in providing clean and safe renewable energy for their power requirements,” said Mr. Oliver Tan, CREC President. “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,” Mr. Tan added.
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