Under an agreement with First Gen Group, more than 25 megawatts (MW) of geothermal energy will be supplied to selected AGI locations from First Gen’s Bacon-Manito facilities in Albay and Sorsogon.
The agreement, signed on Aug. 13, supports AGI’s sustainability program, dubbed “SustainAGIlity,” which includes scaling up renewable energy use across its businesses to reduce carbon emissions.
Key properties
Facilities covered by the agreement include Megaworld township developments in Taguig City, Venice Grand Canal Mall in McKinley Hill, Taguig, and ArcoVia City in Pasig City.
The renewable energy supply will also cover Richmonde Hotel Tower-Iloilo in Iloilo City, Davao Finance Center in Davao City, and Emperador Distillers plants in Santa Rosa and Biñan, Laguna.
“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,” Megaworld Corp. head of sustainability Arnulfo Batac said.
AGI said its “SustainAGIlity” goals reflect its broader commitment to promote economic prosperity while protecting people and the environment.
Geothermal shift
First Gen chief customer engagement officer Carlo Vega said geothermal energy could provide businesses with renewable power while helping manage costs and risks.
“It is always an honor and privilege to partner with like-minded organizations like AGI who are conscious of how their businesses impact people, communities and the environment. Transitioning to geothermal energy, the only RE 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,” Vega said.
AGI’s businesses span real estate through Megaworld, leisure and tourism through Newport World Resorts, and spirits through Emperador Inc.
First Gen, meanwhile, has more than 1,700 MW of renewable energy capacity across 31 geothermal, hydro, wind and solar facilities. It is a subsidiary of First Philippine Holdings Corp. —Ed: Corrie S. Narisma
