Converge ICT Solutions Inc. has tapped Energy Development Corp. (EDC) to energize the fiber internet provider’s Comclark’s IT Reliance building in Pasig City.
Converge and EDC signed a two-year power supply agreement in which the subsidiary of First Gen Corp. will provide a maximum of 1.5 megawatts (MW) during the first year, increasing to 2.5MW through its second year.
EDC will source power from its Tongonan Geothermal Plant in Leyte. Converge said it prefers EDC’s uninterrupted power sourced from geothermal plants, which are known for their reliability, efficiency in cost and performance due to flexibility.
“The clean energy that First Gen will provide for our head office in Pasig complements our business in more ways than one. It reflects our choices as a responsible company that wishes to do its share for the environment,” Converge CEO Dennis Anthony Uy said in a statement.
Moreover, tapping renewable energy will result in substantial savings for Converge.
“Aside from helping save the environment, we also expect operating cost savings as much as P5 million a year. This supports our overall sustainability goals as a company,” said Converge President and Chief Resources Officer Grace Y. Uy.
For First Gen, the partnership with Converge brings the latter a step closer to reducing its carbon footprint.
“Thank you to our newest partner Converge for sharing the same vision and values as us,” First Gen Chairman and CEO Federico R. Lopez said during the virtual signing ceremony.
First Gen currently services a growing list of direct clients shifting to green power all over the country and is among the first Renewable Energy Supplier approved by the Department of Energy for the Green Energy Options Program allowing qualified electricity consumers to choose their electricity supplier and comes with incentives to encourage businesses to make use of renewable energy.
In this year alone, a few of First Gen’s signed clients include Megaworld, Chioson Development Corp., Menarco Tower, Philippine Bio-Industries Inc., and Marco Polo Club.
“It is truly amazing that Converge has chosen a proudly Filipino energy provider such as us to energize their main headquarters, tapping the most reliable indigenous source of renewable energy. Climate change has become an urgent issue for the world and responsible businesses like Converge ICT Solutions are taking strong actions to balance the needs of our stakeholders with the needs of the greater global community,” said Lopez.
In March, Converge announced that it has set aside a P20-billion capital program for 2021, a 25-percent increase from its P16-billion capital spend in 2020. The amount, he said, will be used for network development and expansion, as it targets to reach more areas in the Visayas and Mindanao this year.
With this capital spend, Converge hopes to increase its subscriber base from 1.04 million subscribers last year to as much as 1.7 million this year.
Converge reported record profits in 2020, when it booked a net income of P3.39 billion, a 78-percent surge from P1.94 billion the year prior, as its revenues grew by 71 percent to P15.65 billion from P9.14 billion.
Image courtesy of www.convergeict.com