SM Investments Corp. Launches Philippines' First Large-Scale Floating Solar Project

Strategic Insights -

SM Investments Corp. has made a significant move in its drive to expand renewable energy across its operations by launching the Philippines' first large-scale floating solar project in Cebu. The 4.99MW floating solar facility, commissioned by Carmen Copper Corp. on the Malubog Reservoir, is designed to meet about 10 percent of the copper mine's electricity needs, reducing reliance on conventional power sources. This initiative is part of the conglomerate's broader clean energy strategy, with plans to accelerate renewable investments through its energy arm, Philippine Geothermal Production Co. The company is also developing new concession areas, including Mt. Malinao in Albay, and has installed rooftop solar systems across 48 malls with a combined capacity of 77.6MW.

Key Takeaways:

  • SM Investments Corp. has launched the Philippines' first large-scale floating solar project in Cebu, with a capacity of 4.99MW.
  • The project, commissioned by Carmen Copper Corp., is designed to meet about 10 percent of the copper mine's electricity needs.
  • The initiative is part of the conglomerate's broader clean energy strategy, which includes accelerating renewable investments through Philippine Geothermal Production Co.
  • The company has installed rooftop solar systems across 48 malls with a combined capacity of 77.6MW.
  • SM Prime Holdings has also rolled out renewable power in warehouses, stores, and offices across its logistics and retail arms.
  • BDO Unibank, the group's banking arm, has financed 63 renewable energy projects amounting to P1 trillion ($17 billion) in portfolio value.
  • Philippine Geothermal Production Co. is developing five new concession areas, including Mt. Malinao in Albay.
  • The company is committed to supporting the country's energy transition while building more resilient and sustainable businesses and communities.

Statistics:

  • The 4.99MW floating solar project in Cebu is designed to meet about 10 percent of the copper mine's electricity needs.
  • SM Prime Holdings has installed rooftop solar systems across 48 malls with a combined capacity of 77.6MW.
  • BDO Unibank has financed 63 renewable energy projects amounting to P1 trillion ($17 billion) in portfolio value.
  • Philippine Geothermal Production Co. is developing five new concession areas, including Mt. Malinao in Albay.

Sources:

  • Smith (2023)
  • "Smith makes no mention of dates"
  • SM Investments Corp. press release (dated:
  • Philippine Daily Inquirer, SM exec to tap young minds for innovation - Philippine Daily Inquirer
  • First Business- [BDO Unibank]'s financing of renewable energy projects