Global Business Power Corp. (GBP) through its retail energy arm Global Energy Supply Corp. has signed a power supply agreement with Global Estate-Resorts Inc. (GERI) under the retail competition and open access scheme.
The company will supply 4 megawatts (MW) of power to GERI’s 140-hectare township in Boracay Island.
“Our partnership with GERI comes at such an exciting time, as this retail supply agreement harnesses the synergy between the energy and real estate sectors and is well-positioned to tap into the country’s dynamic tourism sector,” said Jaime Azurin, GBP president
GERI is a subsidiary of Megaworld and is developing its first master-planned community in the island. This consists of five districts including the Newcoast Village, Oceanway Condominiums; Savoy; Belmont and Chancellor Hotels; Boracay Town Center; and Newcoast Station.
The parties did not disclose the amount involved in the deal.
Last month, GBP also completed preventive maintenance of its Panay and Cebu plants in anticipation of increased economic activity leading to the Christmas holiday in Visayas.
At present, the company has 11 power generation facilities with a total installed capacity comprised of 157 MW from diesel-fired technology and 697 MW from coal with facilities located in Cebu, Iloilo, Aklan and Mindoro.
It is also currently developing a 2X335 MW coal-fired power plant in La Union.
GBP is jointly owned by Beacon Electric Asset Holdings Inc. and Meralco PowerGen of Metro Pacific Investments Corp. and JG Summit Holdings, Inc.
It also has a presence in Mindanao via a 50 percent stake in Alsons Thermal Energy Corp.