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Manila Bulletin devider Business devider The Stock Market devider SM Prime's latest solar investment: 7.5-MW across four malls as part of net zero strategy

SM Prime's latest solar investment: 7.5-MW across four malls as part of net zero strategy

Published Feb 12, 2025 12:37 am

SM Prime Holdings Inc., a leading integrated property developer in Southeast Asia, has signed an agreement with TeaM (Philippines) Energy Corporation (TPEC) for the installation of over 33,000 square meters of solar panels on the rooftops of four SM malls.

In a disclosure to the Philippine Stock Exchange, SM Prime said TPEC, the retail subsidiary of TeaM Energy Corporation, will start construction for the project in March 2025, with operations expected to commence by year-end.

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 approximately 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.

“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 SM Prime President Jeffrey C. Lim.

SM Prime is among the first companies in the Philippines to commit to net zero emissions and invest in renewable energy to meet that target. 

Currently, 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), equivalent to taking thousands of vehicles off the road annually.

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.

Beyond operational benefits, the new solar installations are expected to contribute to a cleaner environment by reducing approximately 4,400 metric tons of CO2 emissions annually. “These projects align with our shared commitment to sustainable energy and environmental responsibility,” Taghoy added.

SM Prime said these initiatives reinforce its broader sustainability strategy, positioning the company as a leader in renewable energy adoption within the commercial property sector.

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Team Energy Jeffrey C. Lim SM Prime Holdings Inc.
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