SM Prime Holdings Inc. (SM Prime) announced it has signed a long-term agreement with AboitizPower for “Cleanergy” supply, increasing its renewable energy portfolio to more than 50 percent.

This is in support of the Department of Energy’s program of increasing the Philippines’s renewable energy supply component to 35 percent by year 2030.

Cleanergy is AboitizPower’s brand of renewable energy and is made up of their related ongoing and future investments in the power sector. It is so far composed of 29 renewable energy facilities, with a combined net sellable capacity of 928.42 megawatts scattered across 11 provinces.

“We consider it a great milestone for our group to be in support of SM’s transition to renewable energy as we are also working to rapidly expand our renewable portfolio,” David Aboitiz, Aboitiz Renewables Inc. (ARI) vice president for Commercial Strategy, Sales and Engagement, said.

“We have also supported a growing number of corporations transitioning to clean and renewable energy and we are excited for the future in terms of renewable energy,” said Aboitiz.

Under the agreement, AboitizPower will supply reliable, renewable energy from the Tiwi and MakBan Geothermal Power Plants, and PV Sinag’s Power Plants, which will be operated and managed by ARI.

This long-term contract will, in turn, power various SM Prime properties under the Retail Competition and Open Access by the end of 2022.

“This partnership with AboitizPower is aligned with our unwavering commitment to being a catalyst for economic growth and steward of nature,” SM Prime President Jeffrey Lim said.

“We will continue providing world-class amenities within our sustainable lifestyle cities that HAVE BEEN BENEFICIAL TO MILLIONS of Filipinos,” he continued.

AboitizPower also plans to expand its Cleanergy portfolio in the next 10 years to support the government’s plans of boosting the renewable energy industry in the Philippines. It is targeting approximately a 50:50 Cleanergy and thermal capacity mix by 2030.