Alliance Global Group Inc. (AGI) signed a power supply deal with the First Gen Group (First Gen) for over 25 megawatts (MW) of renewable energy (RE) to power needs of the latter’s key properties and facilities in Metro Manila, Iloilo and Davao.
AGI facilities covered by the agreement include Megaworld township developments in Taguig City; the Venice Grand Canal Mall in McKinley Hill also in Taguig; the ArcoVia City in Pasig City; Richmonde Hotel Tower-Iloilo in Iloilo City; the Davao Finance Center in Davao City; and the Emperador Distillers plants in Santa Rosa and Biñan in Laguna.
The agreement was signed last August 13 by representatives of AGI and First Gen, the Lopez-led firm said over the weekend.
‘Electricity usage comprises a significant portion of conglomerate-wide carbon emissions. Our ability to harness more renewable energy to support our operations without compromising efficiency or service delivery will greatly reduce our carbon footprint and help us get closer to our goal of achieving carbon net zero,’ said Arnulfo Batac, head of sustainability of Megaworld Corp. AGI’s shift to RE is part of the conglomerate’s sustainable development goals, which include scaling RE usage to achieve carbon neutrality by 2035.
First Gen will source the RE supply from its Bacon-Manito geothermal facilities in Albay and Sorsogon.
‘It is always an honor and privilege to partner with like-minded organizations like AGI who are conscious of how their businesses impact people, communities and the environment. Transitioning to geothermal energy, the only RE source that can run baseload capacity, is not just a cost optimization measure, but also a means to manage risk and to do something good for the planet,’ said First Gen Chief Customer Engagement Officer Carlo Vega.
Since its incorporation in 1993, AGI has grown into one of the Philippines’s most diversified investment holding companies with businesses spanning real estate through Megaworld, leisure and tourism through Newport World Resorts and spirits and liquor through Emperador Inc.
Meanwhile, First Gen is the leading provider of RE in the Philippines with over 1,700 MW of RE from a portfolio of 31 geothermal, hydro, wind, and solar facilities. The group is a subsidiary of diversified conglomerate First Philippine Holdings Corp.