First Gen and PNB Holdings Forge Renewable Energy Partnership

First Gen Corporation has formalized an energy supply agreement with PNB Holdings Corporation, the real estate arm of Philippine National Bank (PNB), to provide over five megawatts (MW) of geothermal power from its Tongonan generation facility in Leyte. This initiative aims to power the PNB Financial Center in Pasay City and the PNB Makati Center located on Ayala Avenue in Makati.

Ponciano Carreon Jr., Chief Financial Officer of PNB Holdings, emphasized the significance of this partnership, stating that PNB Holdings’ transition to 100 percent renewable energy across PNB Financial Center and PNB Makati Center through their partnership with First Gen Corporation reflects their commitment to more sustainable and responsible property operations, while maintaining efficiency and reliability. He further noted that this move is intended to reduce the company’s environmental impact and bolster its goal of developing more resilient and future-ready properties.

“PNB Holdings’ transition to 100 percent renewable energy reflects our commitment to more sustainable and responsible property operations.”Ponciano Carreon Jr., CFO, PNB Holdings

Arlene Soriano, head of sales and engagement at First Gen, expressed enthusiasm for the collaboration, highlighting the broader implications for sustainability by stating that it is their privilege to broaden their partnership with the Lucio Tan Group through their partnership with PNB Holdings Corp. They look forward to supporting their journey towards decarbonization as they continue to invest in community experience and workspace environment and future-proof its property developments through sustainability-led innovations.

“We look forward to supporting their journey towards decarbonization as they continue to invest in community experience.”Arlene Soriano, head of sales and engagement, First Gen

This agreement is part of a larger trend in the Philippines towards renewable energy, as First Gen also caters to the energy needs of other companies within the Lucio Tan Group, which includes prominent names such as Philippine Airlines, Lufthansa Technik Philippines, and Eton Properties. The push for renewable energy is gaining momentum in the country, aligning with global sustainability efforts.

On the stock market, First Gen shares saw an increase of ₱0.85 (approximately $0.15), or 2.92%, closing at ₱29.95 ($0.53) per share. Conversely, shares of PNB Holdings experienced a slight decline, dropping ₱0.05 (around $0.001), or 0.08%, to settle at ₱66.20 ($1.17) each.