Megaworld's buildings shift to renewable power

Megaworld Corporation reported that it has fully transitioned all of its company-owned offices, hotels, lifestyle malls, and residential properties to 100 percent renewable energy as part of its commitment to sustainability, according to a report by Manila Bulletin.

The firm disclosed to the Philippine Stock Exchange that this covers 54 commercial properties owned by the company and listed under MREIT, Inc., Megaworld’s real estate investment trust.

These include 26 office towers, 15 lifestyle malls and retail establishments, and eight hotels located in Uptown Bonifacio, Eastwood City, McKinley Hill, McKinley West, Newport City, Southwoods City, Twin Lakes, Boracay Newcoast, and Iloilo Business Park.

Several residential properties in Uptown Bonifacio, and Forbes Town in Taguig, Westside City in Paran%u0303aque City, and Makati City have also fully shifted to renewable energy.

These properties are classified as “Contestable Customers,” or establishments that consume 500 kW or more of electricity.

Under the Retail Competition and Open Access (RCOA) framework, contestable customers can choose to source their electricity from licensed Retail Energy Suppliers (RES) offering renewable energy solutions.

In March 2024, Megaworld entered into a landmark partnership with MPower, a subsidiary of Meralco, to begin the transition of its company-owned properties to 100 percent renewable energy sources.

The company has also tapped ACEN as one of its providers of renewable energy solutions for its residential and office properties.

“Reaching 100 percent renewable energy for all our properties is a significant leap forward in our sustainability journey,” said Megaworld Head of Sustainability Jose Arnulfo Batac.

He noted that, “This milestone underscores Megaworld’s long-term commitment to environmental stewardship, and we are fully committed to extending these efforts to all our developments as we work towards building townships of the future powered by fully sustainable energy sources.”

Aside from contestable properties, non-contestable properties, including those under Megaworld subsidiaries and joint ventures, are also planned to shift to renewable energy by 2030.

This initiative is part of Megaworld’s broader sustainability program, MEGreen, launched in 2023, which consolidates all environmental efforts under a unified platform aligned with the United Nations Sustainable Development Goals (UN SDGs).