Mall chain WalterMart and First Gen Corp. said Sunday that they had finalized an agreement for First Gen unit Pi Energy Inc. to develop seven new solar power rooftop projects for WalterMart malls in Luzon.

First Gen said construction of the 11.4-megawatt-peak (MWp) solar rooftops was part of a multi-phased program to source at least 20 percent of WalterMart's electricity requirements from solar energy by 2025.

"One of the things we're really proud of is joining the movement for sustainability while creating a future for our next generation, and this solar initiative for our malls symbolizes that," WalterMart Chairman Abraham Uy said.

WM Shopping Center Management Inc. (WMSCMI), along with First Gen and Pi Energy, made the announcement following the recent completion of seven solar power projects for WalterMart malls located in Candelaria, Quezon; Subic, Zambales; San Fernando, Pampanga; Gapan, Nueva Ecija; Nasugbu, Batangas; Malolos, Bulacan; and Antipolo, Rizal.

WMSCMI's parent company, Walter Mart Supermarket Inc., is part of the Sy-led conglomerate SM Investments Corp. after SMIC's retail arm, SM Retail, acquired a controlling stake in the Lim family-owned WalterMart Group of Companies in January 2013.

WMSCMI said there were 41 WalterMart malls nationwide with a total solar capacity of 12.3 MWp, and First Gen and Pi Energy said they planned to increase the capacity of 25 of these malls to 27 MWp by the end of the year.

WalterMart first partnered with Pi Energy and First Gen in 2019 with the latter's installation of a solar power facility atop a WalterMart mall carpark building in Nasugbu, Batangas.

"In a span of five years, our partnership has grown in terms of scale and investment," said Pi Energy's Mark Malabanan, assistant vice president for solar and key partners, adding that they have ongoing installations in additional WalterMart malls that they hope to energize by the end of the year.

First Gen shares closed at P18 each on Friday, up by P0.26 or 1.47 percent.