FIRST Gen Corp. has signed an energy supply agreement with PNB Holdings Corp., the real estate holding arm of Philippine National Bank.
First Gen will provide more than five megawatts (MW) of geothermal power from its Tongonan generation facility in Leyte to energize the PNB Financial Center along Macapagal Avenue, Pasay City and PNB Makati Center at Ayala Avenue in Makati.
“PNB Holdings’ transition to 100 percent renewable energy across PNB Financial Center and PNB Makati Center through our partnership with First Gen Corporation reflects our commitment to more sustainable and responsible property operations, while maintaining efficiency and reliability,” PNB Holdings Chief Financial Officer Ponciano Carreon Jr. said in a statement.
“We believe this move will help reduce our environmental impact and support our goal of building more resilient and future-ready properties,” he added.
Arlene Soriano, head of sales and engagement at First Gen, said: “It is our privilege to broaden our partnership with the Lucio Tan Group through our partnership with PNB Holdings Corp.”
“We look forward to supporting their journey towards decarbonization as they continue to invest in community experience and workspace environment and future-proof its property developments through sustainability-led innovations.”
Aside from PNB Holdings, First Gen also supports the renewable energy requirements of other firms in the Lucio Tan Group, including Philippine Airlines, Lufthansa Technik Philippines, Macroasia SATS Food Industries Corp., Macroasia Catering Services, Inc., Grandspan Development Corp., Absolut Distillers and Eton Properties.
First Gen shares on Thursday rose P0.85, or 2.92 percent, to P29.95 apiece while those of PNB slipped P0.05, or 0.08 percent, to settle at P66.20 each.
