Lopez-led First Gen Corporation has beefed up anew its retail electricity market portfolio after signing up Menarco Development Corporation (Menarco), a company controlled by businessman Menardo Jimenez, as its new customer.
The Lopez company said Menarco preferred sourcing its power needs from a renewable energy source for its 32-storey tower development in Taguig City.
According to First Gen Vice President Carlo Vega, the two-year agreement they sealed with Menarco will take effect later this month; and the electricity will be sourced from the Green Core Geothermal Inc. (GCGI), an indirect subsidiary of the Lopez firm.
Under the supply pact, the GCGI company of the Lopez group will supply Menarco Tower with 800 kilowatts of electricity from its geothermal generating asset.
As set out by Vega, the supply of renewable energy by the First Gen-affiliated firm “will complement Menarco Tower’s image as a very innovative, energy efficient, healthy, safe and hi-tech office boutique tower.”
He emphasized “we pursued a supply agreement with Menarco Development after we noted the shared advocacy of both our groups to promote a healthy and clean environment.”
Menarco Tower is touted for having a stellar recognition as “the first and only office in Southeast Asia to hurdle the stringent health and environment requirements to be WELL Certified Gold,” a distinction bestowed by the International Well Building Institute. At the same time, it is a property development that had gained LEED Gold certification from the US Green Building Council.
After cementing this power supply agreement with First Gen, Menarco Development CEO and Founder Carmen Jimenez-Ong indicated that their preference for renewable energy for their power supply has been their “happy choice” and it is also well thought out step taken by the company.
She qualified that such power sourcing goes along with Menarco Tower’s design “to offer humanity-centered spaces which ensure the building community’s health and well being, as well as minimizing any adverse impact on the environment.”
Jimenez-Ong added “by constantly walking the talk, we take an active part in the country’s efforts to mitigate climate change and rolling blackouts.”
And for this strategic tie-up they now have with the Lopez group, which has always given premium to investments in RE and clean energy technologies, she further enthused that “together, we are part of the solution, not the problem.”
Menarco Development chairman and patriarch Menardo Jimenez is in the 2020 Forbes list of 50 richest Filipinos – and he gained fame in the business sector as a top executive and investor in broadcast giant GMA Network.