THE Lopez group’s power generation arm First Gen Corp. announced on Thursday that it will be supplying clean power to the Taguig-based Menarco Tower of Menarco Development Corp.
In an e-mailed statement, First Gen Vice-President Carlos Lorenzo L. Vega said that the company will be providing the 32-storey tower with 800 kilowatts of electricity generated from a geothermal plant owned by First Gen’s indirect subsidiary Green Core Geothermal, Inc. (GCGI).
The deal, which was completed this month, will last for two years.
“We are happy that our agreement with Menarco Development will complement Menarco Tower’s image as a very innovative, energy efficient, healthy, safe and hi-tech office boutique tower,” Mr. Vega said.
Menarco Development Founder and Chief Executive Carmen Jimenez-Ong said that the developer is proud to partner with First Gen for its renewable energy needs.
“By consistently walking the talk, we take an active part in the country’s efforts to mitigate climate change and rolling blackouts. Together, we are part of the solution, not the problem,” she said.
Menarco Development is a firm chaired by Menardo R. Jimenez, Sr., a real estate businessman and former president of GMA Network, Inc.
“This partnership may just be another small step. But by repeating these steps and forging partnerships with more like-minded groups, we can help achieve a decarbonized and regenerative future,” First Gen’s Mr. Vega said.
First Gen reported a first-quarter net income attributable to its parent of $84.02 million, up by 29% from $65.16 million in the same period last year, as the economy slowly recovered.
Its shares in the local bourse inched up by 0.34% or 10 centavos to finish at P29.10 apiece on Thursday. — Angelica Y. Yang
