LISTED real estate developer Megaworld Corp. has fully transitioned its offices, hotels, lifestyle malls, and residential properties to 100% renewable energy (RE) as part of its sustainability initiatives.
The shift covers 54 commercial properties owned by Megaworld and listed under its real estate investment trust, MREIT, Inc., the company said in a stock exchange disclosure on Thursday.
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, Forbes Town in Taguig, Westside City in Parañaque, and Makati City have also fully transitioned to renewable energy.
These properties are classified as “contestable customers,” defined as establishments consuming 500 kilowatt-hours or more of electricity.
Contestable customers may source their electricity from licensed retail energy suppliers offering renewable energy solutions under the Retail Competition and Open Access framework.
“Reaching 100% renewable energy for all our properties is a significant leap forward in our sustainability journey. 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,” Megaworld Sustainability Head Jose Arnulfo C. Batac said.
Non-contestable properties, including those under Megaworld subsidiaries and joint ventures, are targeted to transition to renewable energy by 2030 under the company’s MEGreen sustainability program.
Launched in 2023, MEGreen consolidates all the company’s environmental initiatives under a unified platform aligned with the United Nations Sustainable Development Goals.
Megaworld shares were unchanged at P1.75 per share on Thursday. — Revin Mikhael D. Ochave
