SM Group rolls out Philippines first largest floating solar facility

CEBU, Philippines — SM Investments Corp. has rolled out the Philippines’ first large-scale floating solar project in Cebu as part of its drive to expand renewable energy across its operations.

Carmen Copper Corp., a unit of Atlas Consolidated Mining and Development and part of the SM Group, commissioned the 4.99MW facility on the Malubog Reservoir.

Spanning three hectares, the installation is designed to meet about 10 percent of the copper mine’s electricity needs, reducing reliance on conventional power sources.

The initiative forms part of the conglomerate’s broader clean energy strategy.

At its first-half results briefing, president and chief executive Frederic C. DyBuncio said SM is accelerating renewable investments through its energy arm, Philippine Geothermal Production Co., which operates steam fields in Tiwi, Albay and MakBan in Laguna and Batangas.

PGPC is also developing five new concession areas, including Mt. Malinao in Albay.

Beyond Cebu, SM Prime Holdings has installed rooftop solar systems across 48 malls with a combined capacity of 77.6MW, while its logistics and retail arms are rolling out renewable power in warehouses, stores and offices.

BDO Unibank, the group’s banking arm, has financed 63 renewable energy projects amounting to P1trillion ($17 billion) in portfolio value.

“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.”