LOPEZ-LED First Gen Corp. said on Wednesday that it was tapped by property developer Megaworld Corp. to supply 6.17 megawatts (MW) of geothermal energy to the latter’s four office towers in Taguig City.
Under the two-year deal starting March 26, First Gen will be providing clean power to Uptown Place Towers 1, 2, 3, and the flagship Alliance Global Tower, which houses the headquarters of Megaworld’s parent firm Alliance Global Group, Inc. and its subsidiaries.
Carlos Lorenzo L. Vega, First Gen vice-president and head of power marketing, said the clean power will come from First Gen’s Tongonan geothermal power plant in Kananga, Leyte.
Ramon A. Carandang, First Gen vice-president and head of corporate communications, said in a statement that the power generation firm agreed to partner up with Megaworld because the latter and its parent company shared the Lopez-led group’s goals in promoting sustainable, affordable and clean energy while campaigning against climate change.
“We are grateful to Megaworld for responding to our offer for a collaboration in support of our shared clean energy advocacy. Collaborations even in small ways, like our partnership with Megaworld, can help reduce the buildup of toxic carbon dioxide in the atmosphere, if we keep replicating these partnerships,” he said.
As of end-2020, the company recorded a combined capacity of 3,492 MW from its portfolio of power plants.
Shares of First Gen in the local bourse inched down 0.79% or 25 centavos to close at P31.20 apiece on Wednesday. — Angelica Y. Yang