MPower, Alliance Global ink RE supply deal
MANILA Electric Co.’s MPower on Monday said that it had secured an agreement to supply a total of 100 megawatts (MW) of renewable energy to property firm Alliance Global Group Inc (AGI).
Retail supply contracts were signed by MPower with AGI subsidiaries Megaworld Corp. and Travellers International Hotels.
This will allow the property developer’s hotels, resorts, and real estate projects to use renewable energy for their operations.
“This partnership between MPower is a significant move towards Alliance Global’s goal of achieving carbon neutrality as it signals our full transition to tapping renewable energy sources for our businesses,” AGI Chief Executive Officer Kevin Andrew Tan said.
“Power consumption accounts for about 95 percent of Alliance Global’s carbon emissions from our day-today operations. Sourcing 95 percent of our energy requirement from renewable sources will significantly lessen that,” he added.
This collaboration is expected to help bring AGI closer to its target to source 100 percent of its power requirements from renewable energy by 2025.
“Alliance Global now stands among our valued partners benefitting from clean energy. We look forward to fostering a mutually empowering partnership that also paves the way for boundless opportunities for Filipinos,” First Vice President and MPower head Redel Domingo said.
MPower also said that it was contributing to its customers’ drive for more sustainable business operations and to support Meralco’s target to be entirely coal-free by 2050.
“Alliance Global has commendable efforts in procuring up to 95 percent of its power requirements from renewables, making it a forerunner in the adoption of cleaner energy sources. Meralco is glad to partner with institutions that champion stewardship of the future generations of Filipinos,” Meralco Chairman and CEO Manuel Pangilinan said.
AGI’s share price dropped by 2 centavos to close at P10.14 apiece while Meralco’s share price also fell, by P6.80 to P373.00, on Monday.