4 SM malls turn to rooftop solar power
Four malls of SM Prime Holdings Inc. will get power from rooftop solar panels as the real estate giant ramps up its use of renewable energy and catches up to a self-imposed net zero target.
In a statement on Tuesday, the Sy family-led developer said it had partnered with TeaM (Philippines) Energy Corp. to build a total of 33,000 square meters of solar panels on the rooftops of SM City Lucena in Quezon province, SM City Sta. Mesa in Quezon City, SM City East Ortigas in Pasig City and SM City Tarlac.
These rooftop systems, which have an aggregate capacity of around 7.5 megawatts (MW) and are estimated to generate 11,000 megawatt-hours of energy yearly, will supply about 16 percent of each mall’s power needs, according to SM Prime.
These are likewise expected to operate at peak capacity for the entire 20-year contract period.
“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,” SM Prime president Jeffrey Lim said.
Out of the company’s 87 malls, 44 are currently equipped with solar photovoltaic systems.
Overall, these have a total capacity of about 50 MW.
The developer, whose major projects also include condominiums and offices, has committed to achieve net zero greenhouse gas emissions by 2040.
This year, SM Prime plans to spend up to P110 billion to expand its residential empire, particularly by venturing into both the affordable and high-end residential segments.
For the mall, hotel and office segments, it has earmarked P33 billion in capital outlays.
A total of P21 billion will be spent to expand its mall gross floor area by 205,400 square meters (sq m)and redevelop 124,488 sq m of existing mall space.
Meanwhile, P6 billion will go to the construction of two convention facilities, renovating hotel rooms and adding new restaurants to its existing hotel portfolio.
The remaining P6 billion will be used to develop new office towers and workspaces.
SM Prime is likewise set to raise up to P25 billion via the bond market to bankroll its massive expansion plan.
