Lopez-led First Gen Corporation has cornered another property developer client on its supply of renewable energy (RE) – and its customer this time is Ali Mall in Quezon City of the Araneta group.
In a statement to the media, the Lopez firm noted that power supply agreement (PSA) was cemented between Araneta City Inc. (ACI), which is the property development arm of the Araneta Group; and that of BacMan Geothermal Inc. (BGI), a wholly owned subsidiary of First Gen.
In that supply deal, the Lopez firm will have to deliver 2.1 megawatts of power to the Ali Mall property of the Araneta company. The price of the power offtake agreement had not been disclosed by the parties.
Carlo Vega, vice president for Marketing for First Gen, said their company is “happy that the Araneta group has accepted our offer to be a partner in the task – even if daunting – of reducing the buildup of more heat-trapping carbon dioxide in the atmosphere.”
The First Gen executive is referring to renewable energy source as the cleanest alternative they can supply to end-users because this is not contributing to CO2 emissions that have been triggering further warming of the planet.
The source of generated electricity to be supplied to Ali Mall in Quezon City will be from the 132-megawatt Pantabangan-Masiway hydropower facility of the Lopez group.
BGI is a retail electricity supplier (RES) of the Lopez conglomerate and is licensed by the Energy Regulatory Commission. The corporate vehicle operating the Pantabangan-Masiway hydro facility (the First Gen Hydro Power Corporation) is an affiliate-firm of BGI.
John Castelo, senior vice president for Business Development of ACI, highlighted that “this partnership is another milestone in the Araneta Group’s efforts to integrate environmental sustainability in property development.”
He qualified that the Araneta-owned Ali Mall, which opened way back in 1976, stays true “to our legacy of providing pioneering and memorable experiences to the Filipinos,” and adding that “we keep our commitment to implement green solutions in our fast-growing urban community.”
Vega asserted that the decision of the Araneta group to patronize RE for the electricity needs of their mall could help the RE sector gain further traction when it comes to usage among commercial customers in the country.
“Small gestures like this, if taken together, will make a big difference in the fight against global warming and climate change,” the First Gen executive stressed.
Vega added that latest power supply deal with the Araneta group “reinforces our commitment to expand the development and use of clean and renewable energy for our power plants.”