FIRST Gen Corp. (First Gen), a subsidiary of Lopez-led First Philippine Holdings Corp. (FPH), said it had renewed its partnership with Far Eastern University for the direct supply of renewable energy (RE) to FEU’s Manila and Alabang campuses.
FEU said it renewed the partnership with First Gen, one of the leading RE suppliers in the country, to improve its operational efficiency and sustainability.
Under the agreement, First Gen will supply 600 kilowatts (kW) of clean energy to FEU’s Alabang campus in Muntinlupa and another 650 kW to FEU Institute of Technology, which is located near the main FEU campus in Manila.
“We take a holistic operational view in the delivery of continual academic improvement. Our aim is to have the greatest social and learning impact with the smallest environmental footprint,” FEU President Juan Miguel Montinola said.
“This power supply agreement, plus our investments in efficient air conditioning systems, all within the context of the continued preservation of historical and significant cultural heritage buildings and landmarks, is very fulfilling for us as educators and as an example to our students,” he added.
The two companies first partnered in 2017 for the direct supply of clean power to parts of the FEU main campus in Manila under the government’s Retail Competition and Open Access (RCOA) program.
The RCOA program allows consumers to choose their retail electricity suppliers to avoid overdependence on the contracted supply from their distribution utilities.
“Diversifying power sources and working with independent power producers [not only] help reduce volatility in power costs but the overall carbon footprint as well. We’re privileged to work with FEU over the past seven years, expanding to other campuses as they move forward in their decarbonization journey,” First Gen Vice President for Marketing, Trading and Economics Carlo Vega said.
First Gen is said to have an installed capacity of some 1,651 megawatts (MW) from its 28 solar, wind, hydro and geothermal power plants across the Philippines. It also owns and operates four other power plants that run on natural gas as a transition fuel for a decarbonized future.
First Gen shares closed at P16.04 each last Friday, down by 12 centavos or 0.74 percent.
Be the first to comment