Carmen Copper Corporation’s 3-hectare floating solar facility at the Malubog Reservoir. The facility’s 8,540 solar panels generate 4.99 MW of clean renewable accounting for 10% of the copper mine’s power needs.
SM Investments Corporation (SM Investments), the holding company of the Sy family conglomerate, is scaling up its clean energy portfolio, framing renewable power not only as a sustainability mandate but as a long-term growth driver that can future-proof its diverse businesses.
At the company’s first-half results briefing, SM President and CEO Frederic C. DyBuncio stressed that energy transition has become a central strategy, with geothermal power serving as a cornerstone 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 steam fields in Tiwi, Albay, and MakBan in Laguna and Batangas, while pushing forward five additional concession areas—including Mt. Malinao in Albay, where three wells have already been drilled.
Philippine Geothermal Production Company, Inc. (PGPC) has recently commenced exploration of a new geothermal concession sites including Mt. Malinao, Albay. These new sites are poised to augment additional renewable energy to the Luzon Grid.
Beyond geothermal, SM companies are also testing new frontiers. Carmen Copper Corporation recently unveiled the country’s first megawatt-scale floating solar project in Toledo City, Cebu, producing 4.99 MW and supplying about 10% of the mine’s energy needs. SM is likewise exploring opportunities in wind energy.
SM Prime Holdings, the group’s property arm, has been rolling out solar photovoltaic (PV) systems across its malls, now covering 48 sites with a combined 77.6 MW capacity. Its flagship project—at SM City Fairview in Quezon City—is the country’s largest rooftop solar PV system, spanning 4.3 hectares and capable of meeting 11% of the mall’s annual power demand. By year-end 2025, SM Prime aims to equip 63 malls with 100 MW in total capacity.
Retail operations are also going green. The SM Store in Cubao already sources part of its energy from solar, while the SM Retail headquarters in Pasay has been running 100% on renewable energy since November 2024.
Floating solar installations offers environmentally-sound solutions of generating renewable energy that secures the panels on buoyant structures, a testament to innovative space utilization without repurposing possible agricultural land.
SM’s logistics arm, 2GO Group, Inc., has transitioned its warehouses in Asinan and Elisco to renewable power, with Elisco also deploying 42 electric forklifts that cut carbon emissions by an estimated 50 metric tons annually.
Financial arm BDO Unibank, Inc. has complemented these efforts, funding 63 renewable energy projects nationwide with a combined portfolio of PHP1 trillion and a total capacity of 2,679 MW.
“We’re only given one planet,” DyBuncio emphasized. “At SM, we see renewable energy as both a responsibility and an opportunity—supporting the country’s energy transition while building stronger, more resilient businesses and communities.”
