First Gen Corp. has been tapped by Megaworld Corp. for the supply of clean and renewable energy to four of its upscale township and office tower projects in Taguig City.
Under the partnership, First Gen will supply a total of 6.17 megawatts (MW) of geothermal power from its Tongonan geothermal power plant for Megaworld’s Uptown Place Towers 1, 2 and 3 and to the Alliance Global Tower.
The deal was made under a retail energy supply which will last for two years and started last March 26.
In a separate virtual forum, First Gen subsidiary Energy Development Corp. (EDC) said it plans to invest P10 to P12 billion worth of expansion investments in its Bacman geothermal power plant which traverses the provinces of Albay and Sorsogon.
“Over the next three to four years, we will probably have P10 to P12 billion worth of investments in terms of expansion opportunities in Bacman starting with the Palayang Bayan plant and then we will follow it with the Tanauan plant and then we are taking a very hard look on that 5 to 10 MW battery facility to stabilize power supply,” said Richard Tantoco, EDC president and chief operating officer, during the venue.
First Gen, through its other subsidiary, FGEN LNG Corp. is also developing a liquefied natural gas terminal in Batangas that is touted to be operational as early as third quarter next year. – Jed Macapagal
