SM Investments Corporation expands its renewable energy initiatives through its energy arm, Philippine Geothermal Production Company, Inc. (PGPC).
PGCP has significantly expanded its operations by adding five new concession areas in geothermal steam fields in Mt. Malinao, Albay. This expansion, which has already seen three wells drilled, complements its current operations in Tiwi, Albay, as well as MakBan in Laguna and Batangas, and represents a significant step towards achieving its renewable energy goals.
"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," SM Investments Corporation president and CEO Frederic C. DyBuncio said.
Clean energy commitment
Beyond geothermal energy production, SM Prime, the group's integrated property developer, has installed solar photovoltaic systems across 48 malls, with a combined capacity of 77.6 MW. SM Prime targets 63 malls with a total capacity of 100 MW by the end of the year.
In its retail operations, SM also promotes the adoption of clean energy, with its SM Retail Store in Cubao now sourcing 3.8% of its power from rooftop solar. Another store in Pasay City has been running entirely on renewable energy since November 2024.
2GO Group, Inc., the company's logistics arm, has taken significant steps towards sustainability. It has shifted to renewable energy for its warehouses in Asinan and Elisco. Annually, its Elisco site deploys 42 electric forklifts, which have significantly reduced its carbon emissions by cutting 50 metric tons of carbon emissions.
BDO Unibank, Inc., its banking arm, has financed 63 renewable energy projects, comprising a total portfolio of PHP 1 trillion and an 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."
