Citicore To Supply Solar Power To SM Prime

Green energy developer Citicore Renewable Energy Company (CREC) will be supplying 90 megawatts of soar-generated electricity to the properties of Sy-led SM Prime Holdings.

Photo Insert: According to CREC, the supply deal with SM Prime is anchored on the retail competition and open access (RCOA) policy of the restructured electricity sector.

In a statement to the media, CREC indicated that a memorandum of agreement (MOA) for the supply arrangement was inked by the parties on July 11 this year. It added that the power supply will be coming from CREC’s Lumbangan solar farm installation to be sited in Tuy, Batangas for delivery starting in the first half of 2024.

The parties have not revealed yet the electricity tariff they agreed on, including the other terms of the deal, such as the provision of replacement power.

According to CREC, the supply deal with SM Prime is anchored on the retail competition and open access (RCOA) policy of the restructured electricity sector. This edict, in particular, allows big-ticket customers like SM Prime to exercise their ‘power of choice’ by contracting directly with their preferred power suppliers.

“The agreement with SM Prime adds to CREC’s long list of blue-chip company partners, attesting to the company’s solid performance and service excellence,” the RE firm stressed.

The Saavedra-chaired CREC and the Sy group already have a long and tested history of partnership, and that stretched way back to the business collaboration between Megawide Construction Corporation (an affiliate company of CREC) and that of SM Development Corporation, the real estate development arm of the Sys.

CREC president Oliver Tan said this deal on the provision of clean power to SM Prime is not just a manifestation of “support and trust” by the Sy group, but the partnership also “reflects our commitment as a renewable energy provider, and we are glad that SM Prime shares in our vision of a sustainable future.”

The RE company, in particular, noted that “this development further strengthens both CREC and SM Prime's commitment to the Department of Energy's program of moving up the renewable energy supply component of the Philippines to 35% by the year 2030.”

SM Prime chief finance officer, John Ong stressed: “This partnership marks our strong commitment to providing sustainable operations in our developments nationwide.”

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