LISTED energy company First Gen Corp. said on Monday that it will be supplying 2.1 megawatts (MW) of clean power sourced from its unit’s hydroelectric plant to the Araneta group’s shopping center Ali Mall.
In a press release, First Gen said that it had signed the deal with property firm Araneta City Inc. (ACI) to provide green power to the Quezon City mall.
The Lopez-led firm separately told BusinessWorld that the agreement, which was signed during the latter part of the first quarter, will last until 2023.
Under the deal, First Gen’s subsidiary Bacman Geothermal Inc. (BGI), a licensed retail electricity supplier, will source power from First Gen Hydro Power Corp.’s 132-MW Pantabangan-Masiway hydroelectric plant in Nueva Ecija. BGI will then supply electricity to Ali Mall.
“We at First Gen are happy that the Araneta Group has accepted our offer to be a partner in the task- even if daunting- of reducing the buildup of more heat-trapping carbon dioxide in the atmosphere,” First Gen Vice President for Marketing Carlos Lorenzo L. Vega said in a statement.
The company clarified that this endeavor is part of the retail competition and open access (RCOA) scheme where power suppliers can directly transact with contestable customers and supply electricity to them. Contestable customers are determined by the Energy Regulatory Commission.
Two years ago, First Gen produced around 3,495 MW of electricity and powered 21% of the Philippines with clean energy.
“We stay true to our legacy of providing pioneering and memorable experiences to the Filipinos, yet we keep our commitment to implement green solutions in our fast-growing urban community,” ACI Senior Vice-President for Business Development John B. Castelo said.
ACI owns and manages the 35-hectare Araneta City, which has Ali Mall as one of its earliest anchor markets.
The Araneta group has earlier embarked on various renewable energy solutions, including the installation of solar power facilities in business process outsourcing buildings, and applying for green building certifications for projects.
Shares in First Gen at the local bourse shed 0.95% or 30 centavos to finish at P31.30 apiece on Monday. — Angelica Y. Yang