Property developer SM Prime Holdings, Inc. (SMPH) said Wednesday it tapped TeaM (Philippines) Energy Corp. (TPEC) to its boost solar energy capacity.
Under the plan, TPEC, a joint venture of Tokyo Electric Power Company and Marubeni Corp., will install over 33,000 square meters of solar panels across four SM malls.
Construction for the project is set to start in March and is expected to be fully-operational by end-2025.
“Integrating renewable energy sources into our operations is part of our long-term strategy to achieve our net zero goals, enhance operational efficiency and contribute to a more sustainable business,” said SMPH president Jeffrey Lim.
With a combined capacity of roughly 7.5-megawatt peak (MWp), the solar installations at SM City Lucena, SM City Sta. Mesa, SM City Tarlac and SM City East Ortigas are estimated to generate about 11,000 megawatt-hours (MWh) of clean energy annually.
This will supply about 16 percent of each mall’s electricity needs, significantly reducing reliance on traditional power sources.
SMPH is among the first companies in the Philippines to commit to net zero emissions and invest in renewable energy to meet that target.
About 44 of its 87 malls in the Philippines are already equipped with solar photovoltaic (PV) systems. These installations have a total capacity of more than 50-megawatt peak (MWp).
To ensure the long-term efficiency and reliability of the solar power systems, TPEC will use high-quality bifacial solar panels. These panels are designed to capture sunlight from both sides and have one of the lowest degradation rates in the market, at 0.4 percent annually.
“We are committed to delivering high-performance solar solutions that meet international engineering standards. Through regular monitoring and preventive maintenance, we will ensure these systems operate at peak efficiency for the entire 20-year contract period,” said TPEC president Tristan Taghoy.
The new solar installations are expected to contribute to a cleaner environment by reducing about 4,400 metric tons of carbon emissions annually.
“These projects align with our shared commitment to sustainable energy and environmental responsibility,” Taghoy said.
