At the company’s first-half results briefing, president and CEO Frederic C. DyBuncio highlighted the group’s focus on geothermal energy through its energy arm, Philippine Geothermal Production Co. Inc. (PGPC).
Geothermal at the core
“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 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.
Expanding solar facility, wind energy
Beyond geothermal, SM is diversifying its clean energy sources. Carmen Copper Corp., a unit of Atlas Consolidated Mining and Development Corp., commissioned the country’s first megawatt-scale floating solar facility in Toledo City, Cebu, covering three hectares of the Malubog Reservoir and generating 4.99 MW of renewable power—about 10 percent of the copper mine’s needs.
The group is also exploring wind energy opportunities.
SM Prime Holdings Inc., its property arm, has installed solar photovoltaic systems across 48 malls with a combined 77.6 MW capacity. The largest is at SM City Fairview in Quezon City, spanning 4.3 hectares with an annual output of 5,960 MWh—11 percent of the mall’s power use. By end-2025, SM Prime targets 63 malls with 100 MW total capacity.
Retail, logistics, and financing support
SM Retail is also adopting clean power. The SM Store in Cubao now sources 3.8 percent of its power from rooftop solar, while its Pasay headquarters has been running fully on renewable energy since November 2024.
In logistics, 2GO Group Inc. has transitioned its Asinan and Elisco warehouses to renewable energy, with Elisco deploying 42 electric forklifts that cut 50 metric tons of carbon emissions annually.
Supporting these efforts, BDO Unibank, Inc. has financed 63 renewable projects worth PHP1 trillion, totaling 2,679 MW in capacity.
“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.” —Ed: Corrie S. Narisma
