FIRST Gen Corp. has signed an agreement with Alliance Global Group Inc. to provide renewable energy to some of the latter's properties and facilities in Metro Manila, Iloilo and Davao.
Under the agreement, First Gen will supply more than 25 megawatts (MW) of geothermal energy, to be sourced from subsidiary Energy Development Corp.’s Bacon-Manito facilities in Albay and Sorsogon.
“It is always an honor and privilege to partner with like-minded organizations like Alliance Global Group, who are conscious of how their businesses impact people, communities and the environment,” First Gen Chief Customer Engagement Officer Carlo Vega said.
“Transitioning to geothermal energy, the only renewable source that can run baseload capacity, is not just a cost optimization measure, but also a means to manage risk and to do something good for the planet,” he added.
The properties and facilities covered by the supply deal include Megaworld township developments and Venice Grand Canal Mall in McKinley Hill in Taguig City, ArcoVia City in Pasig City, Richmonde Hotel Tower-Iloilo in Iloilo City, Davao Finance Center in Davao City, and the Emperador Distillers plants in Santa Rosa and Biñan in Laguna.
"Electricity usage comprises a significant portion of conglomerate-wide carbon emissions," said Arnulfo Batac, head of sustainability at Megaworld Corp., a subsidiary of Alliance Global.
"Our ability to harness more renewable energy to support our operations without compromising efficiency or service delivery will greatly reduce our carbon footprint and help us get closer to our goal of achieving carbon net zero,” he added.
The Alliance Global Group has interests in real estate development, food and beverage manufacture and distribution, integrated tourism-entertainment development, and quick-service restaurants.
Apart from Megaworld, its subsidiaries include Emperador Inc., Travellers International Hotel Group, Inc., Newport World Resorts Properties, Inc., Golden Arches Development Corporation, and Alliance Global-Infracorp Development, Inc.
First Gen shares on Friday closed up P0.25 at P25.25 apiece while those of Alliance Global added P0.18 to settle at P9.00 each.
