MENARCO Development Corp. (Menarco), a firm controlled by the family of businessman Menardo Jimenez, has tapped First Gen Corp. to supply 800 kilowatts of electricity to power Menarco’s 32-storey tower in Taguig City.
First Gen, through Green Core Geothermal Inc. (GCGI), will source the power from a geothermal plant of GCGI. The power supply agreement is good for two years, commencing later this month.
First Gen Vice President Carlos Lorenzo L. Vega said they are “happy” that the firm’s agreement with Menarco Development will complement Menarco Tower’s image as “a very innovative, energy efficient, healthy, safe and hi-tech office boutique tower.”
Menarco said its tower is the “first and only office tower in Southeast Asia to hurdle the stringent health and environment requirements to be certified ‘gold’ by the International Well Building Institute and to gain a gold certification from the US Green Building Council.”
“Menarco Tower is designed to offer humanity-centered spaces which ensure the building community’s health and well being, as well as minimizing any adverse impact on the environment. Menarco is proud to partner with First Gen for our renewable energy needs,” Menarco Development Founder and CEO Carmen Jimenez-Ong said.
“By consistently walking the talk, we take an active part in the country’s efforts to mitigate climate change and rolling blackouts. Together, we are part of the solution, not the problem,” Jimenez-Ong added.
Menardo, who is chairman of Menarco, belongs to Forbes’ list of top 50 richest Filipinos of 2020. He gained his wealth as a top executive and investor in broadcast giant GMA Network Inc., where he was past president.
“We pursued a supply agreement with Menarco Development after we noted the shared advocacy of both our groups to promote a healthy and clean environment. We express our gratitude, especially to Ms. Carmen Jimenez-Ong for accepting our offer of partnership,” Vega added.
GCGI, an indirect subsidiary of First Gen, holds a license as a retail electricity supplier. It also owns and operates two integrated geothermal power plants; one in Leyte and another in Negros Island.
Like its parent firm First Philippine Holdings Corp. (FPH), First Gen said it “recognizes the risks that humans face from climate change due to the continued buildup in the atmosphere of heat-trapping greenhouse gases, including those from power plants using carbon-intensive fossil fuel.”
“This awareness explains the focus of FPH and First Gen on developing and operating power plants that run on renewable energy sources.”
Aside from geothermal, First Gen’s portfolio of power plants also runs on renewable energy sources such as hydro, wind and solar. First Gen also owns and operates power facilities that run on natural gas, considered the cleanest form of fossil fuel.
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