Filinvest REIT Corp. (FILRT), the real estate investment trust of the Gotianun Group, reported the successful transition of five of its office building properties to renewable energy sources under the Government’s Green Energy Option Program (GEOP).
In a disclosure to the Philippine Stock Exchange, the firm said the switch signifies FILRT's commitment to environmental responsibility and marks a significant milestone in the company's journey towards a greener future.
"We are delighted to announce the successful transition of five key FILRT properties to renewable energy sources," said FILRT President and CEO Maricel Brion-Lirio.
She added that, "This strategic move not only fulfills our longstanding sustainability commitments but also resonates with the core objectives of our tenants in forging a more sustainable future.
“It reinforces our belief that sustainability is a collective journey, and as enablers, we support our tenants to realize their own sustainability aspirations. By aligning with our tenants' values, we aim to enhance their satisfaction and potentially increase our occupancy.”
The GEOP, a pioneering initiative led by the Department of Energy in accordance with the Renewable Energy Act of 2008, empowers consumers to opt for renewable energy as their primary energy source.
This program offers a choice to end-users to transition to an electricity supplier capable of delivering energy from 100 percent renewable energy generating facilities.
In the FILRT 2023 Annual and Sustainability Report, FILRT shared that eight buildings are now connected to renewable energy (RE) sources namely Vector One, Vector Two, Vector Three, iHub 1 and 2, Filinvest One, Filinvest Two, and Plaza A. This accounted for 45 percent of FILRT's total consumption coming from renewable sources last year.
Joining this momentum is the addition of five FILRT properties that converted to renewable energy in early 2024.
Plaza D led the charge in transitioning to renewable energy in January, with Plaza B, Plaza C, Plaza E, and 5132 following closely in February. This catapults FILRT's renewable energy portfolio to encompass 13 out of its 17 office buildings, accounting for 76 percent of its total properties.
Prospectively, Filinvest Three has also qualified for the Green Energy Option Program and aims to be powered by 100 percent renewable energy by the third quarter of this year.
Similarly, Axis Tower One and Filinvest Cyberzone Cebu Tower 1 are slated to be supplied with renewable energy starting June.
The addition of Filinvest Three, Axis Tower One, and Filinvest Cyberzone Cebu Tower 1 will further expand the company’s renewable energy portfolio from 13 to 16 office buildings, covering 94 percent of FILRT’s total office portfolio in terms of number of properties.
FILRT said its dedication to the GEOP program reflects its belief in empowering consumers to make environmentally conscious choices while contributing to the growth of the renewable energy industry.
By opting for renewable energy, consumers enjoy cost-effective energy solutions and play a pivotal role in fostering a cleaner, more sustainable environment.