First Gen bags power supply deal for four Megaworld projects

Lopez-led renewable energy firm First Gen Corp. has been tapped by property giant Megaworld Corp. to supply “clean and renewable” energy to four of its upscale township and office tower projects in Taguig City.

Citing the agreement finalized by the two companies, First Gen said it has committed to supply Megaworld with 6.17 megawatts (MW) of geothermal power for Uptown Place Towers 1, 2, and 3; and to Alliance Global Tower, which houses the headquarters of Megaworld parent firm Alliance Global Inc. (AGI) as well as its subsidiaries.

Ricky Carandang, First Gen vice president and head of corporate communications, said that the Lopez-led power generation company readily agreed to partner with Megaworld because the property firm and AGI share with First Gen and the Lopez Group “common goals that include promoting sustainable, affordable and clean energy and campaigning against climate change.”

“Like our parent firm First Philippine Holdings Corporation, we recognize the risks that we humans are all facing from climate change due to the continued buildup in the atmosphere of heat-trapping greenhouse gases, including those from power plants using carbon-intensive fossil fuel,” Carandang said.

“This awareness explains our focus on developing and operating power plants that run on renewable energy sources, such as hydro, wind, solar and geothermal, which emit minimal if not zero carbon dioxide,” he added.

Aside from renewable energy projects, First Gen owns and operates power plants that run on natural gas, considered the cleanest form of fossil fuel.

In total, First Gen’s portfolio of power plants has a combined capacity of 3,492 MW as of 2020.

“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,” Carandang said.

Megaworld is considered one of the country’s biggest property firms.

Its portfolio includes residential condominiums, subdivision lots and townhouses, malls, hotel brands, as well as office towers like Uptown Place and Alliance Global Tower. --NB, GMA News