SM cites new opportunities in clean energy

SM Investments Corporation (SM Investments), the parent company of the SM group recently reaffirmed its commitment to renewable energy as a long-term growth driver, broadening its sources of clean power to help future-proof its businesses and the communities it serves.

At the company’s first-half results briefing, President and CEO Frederic C. DyBuncio underscored the group’s focus on expanding its renewable energy initiatives through its energy arm, Philippine Geothermal Production Company, Inc. (PGPC).

“We are focused on geothermal energy production, which is baseload and runs 24/7. Production has been doing well, and with a new rig in place, we are building capacity to develop more sites,” DyBuncio said.

PGPC currently operates the geothermal steam fields in Tiwi, Albay and MakBan in Laguna and Batangas. It is also advancing five new concession areas, including Mt. Malinao in Albay, where three wells have already been drilled.

SM’s clean energy commitment also extends across its other businesses. Carmen Copper Corporation, a unit of Atlas Consolidated Mining and Development Corp., recently commissioned the country’s first megawatt-scale floating solar facility in Toledo City, Cebu. Covering three hectares on the Malubog Reservoir, the installation generates 4.99 MW of renewable power, meeting about 10% of the copper mine’s energy needs.

The group is likewise exploring wind energy opportunities.

SM Prime, the group’s integrated property developer, has installed solar photovoltaic systems across 48 malls with a combined 77.6 MW capacity. Its most recent installation is the country’s largest rooftop solar PV system at SM City Fairview in Quezon City, spanning 4.3 hectares with an annual output of 5,960 MWh, equivalent to 11% of the mall’s power use. By end-2025, SM Prime targets 63 malls with 100 MW total capacity.

SM Retail is also advancing clean energy adoption. The SM Store in Cubao now sources 3.8% of its power from rooftop solar, while the SM Retail Headquarters in Pasay City has been running fully on renewable energy since November 2024.

In logistics, 2GO Group, Inc. has shifted to renewable energy for its warehouses in Asinan and Elisco, with its Elisco site deploying 42 electric forklifts that cut 50 metric tons of carbon emissions annually.

SM’s sustainability efforts are further supported by BDO Unibank, Inc., which has financed 63 renewable energy projects with a total portfolio of PHP1 trillion and installed capacity of 2,679 MW.

“We’re only given one planet,” DyBuncio said. “At SM, we see renewable energy as both a responsibility and an opportunity to support the country’s energy transition while building more resilient and sustainable businesses and communities.”