First Gen seals 25-MW supply deal with AGI

First Gen has gained another major client, with diversified conglomerate Alliance Global Group Inc. (AGI) tapping the renewable energy producer for 25 megawatts (MW) of power supply.

In a statement over the weekend, First Gen said its deal with AGI will cover key properties and facilities in Metro Manila, Iloilo and Davao.

These include Megaworld township developments in Taguig City; Venice Grand Canal Mall in McKinley Hill, also in Taguig; ArcoVia City in Pasig City; Richmonde Hotel Tower-Iloilo in Iloilo City; Davao Finance Center in Davao City; and Emperador Distillers plants in Santa Rosa and Biñan in Laguna.

First Gen said the supply would be sourced from its Bacon-Manito geothermal energy facilities in Albay and Sorsogon.

“Transitioning to geothermal energy, the only (renewable energy) 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 Carlo Vega, chief customer engagement officer of First Gen.

Arnulfo Batac, head of sustainability of Megaworld, said that 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,” Batac added.

AGI has investments in real estate, leisure and tourism, spirits and liquor.

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First Gen, meanwhile, is a big renewable energy player in the Philippine market, with more than 1,700 MW of capacity from 31 hydro, geothermal, solar and wind facilities across the country.

For the January to June period, First Gen reported that its attributable recurring net income inched up to P8.7 billion from P8.6 billion a year ago.

Giving a major lift to its bottom line was Energy Development Corp.