SM PRIME Holdings, Inc. will install solar panels with a total capacity of 7.5 megawatts peak (MWp) on the rooftops of four SM malls, supporting the property developer’s sustainability initiatives.
The malls involved in the solar panel initiative are SM City Lucena, SM City Sta. Mesa, SM City Tarlac, and SM City East Ortigas, SM Prime said in a regulatory filing on Wednesday.
SM Prime signed an agreement with solar panel provider TeaM (Philippines) Energy Corp. (TPEC) to install over 33,000 square meters of solar panels on the rooftops of the four malls. TPEC is the retail subsidiary of TeaM Energy Corp.
Construction will begin in March, while operations are set to start by year-end.
The solar panels will generate about 11,000 megawatt-hours (MWh) of clean energy annually, supplying approximately 16% of each mall’s electricity needs. These will also reduce carbon dioxide emissions by 4,400 metric tons per year.
“Integrating renewable energy (RE) 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 C. Lim said.
TPEC will use bifacial solar panels that capture sunlight from both sides and have an annual degradation rate of 0.4%.
“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,” TPEC President Tristan Taghoy said.
TeaM Energy is a joint venture between Japan’s Marubeni Corp. and Tokyo Electric Power Co.
SM Prime said 44 of its 87 malls in the Philippines are already equipped with solar photovoltaic systems, with a total capacity exceeding 50 MWp.
Meanwhile, in a separate disclosure, SM Prime said it had received the permit to sell from the Securities and Exchange Commission for its P25-billion bond offer.
The offer period began on Wednesday and will run until Tuesday, Feb. 18.
The issuance has a principal amount of P20 billion, with an oversubscription option of up to P5 billion. It consists of Series Y bonds priced at 6.0282% due in 2028, Series Z bonds priced at 6.2113% due in 2031, and Series AA bonds priced at 6.4784% due in 2035.
This marks the second tranche of SM Prime’s P100-billion shelf-registered fixed-rate bond program.
SM Prime shares rose by 0.43% or ten centavos to P23.40 apiece on Wednesday. — Revin Mikhael D. Ochave
