Megaworld Corporation has turned to renewable energy sources to power its properties, signing a deal with energy company First Gen to achieve the goal.
Megaworld is planning to convert three of its Uptown structures, specifically 1,2, and 3. The conversion will also be applied to its flagship Alliance Global Tower located in Fort Bonifacio.
The deal was finalized through First Gen’s subsidiary company Green Core Geothermal Inc. – a licensed retail electricity supplier (RES) – and Megaworld’s principal firm, Alliance Global Inc.
The partnership will be subject to the electricity sector’s restructured guidelines, which are under the Retail Competition and Open Access (RCOA) policy. Under the agreement, First Gen will be supplying 6.17 megawatts of geothermal power to the aforementioned Megaworld properties.
First Gen’s Vice President and Head of Corporate Communications Ricky Carandang shared that they didn’t hesitate to partner with Megaworld as they share the common goal of “promoting sustainable, affordable and clean energy and campaigning against climate change.”
“Like our parent firm First Philippine Holdings Corporation, we recognize the risks that we humans are all facing from climate change due to the continued buildup in the atmosphere of heat-trapping greenhouse gases, including those from power plants using carbon-intensive fossil fuel,” Carandang said in a statement.
The power supply for the collaboration will come from First Gen’s geothermal facilities. The deal will last for two years and has been in the works since March.
Megaworld – a leader in the Philippine real-estate sector – owns numerous properties, which include subdivisions, townhouses, condo units, and office spaces – primarily Uptown Place and the Alliance Global tower.
Meanwhile, First Gen is a company led by the Lopez Group of Companies. It boasts numerous renewable energy facilities that produce a combined capacity of 3,492 MW.
Want more news like this one? Head over to Nation Builder PH Business Section for the latest updates.
Image credit: Megaworld’s Official Facebook Page; First Gen’s Official Facebook Page