LEYTE, PHILIPPINES — Clean energy producer First Gen Corp. has secured a major power supply agreement with PNB Holdings Corp., the real estate investment and holding arm of Philippine National Bank. Under the contract, First Gen will supply over five megawatts (MW) of geothermal electricity to power key commercial real estate assets in Metro Manila.
Powering Commercial Towers with Leyte Geothermal Energy
The renewable power will be sourced from First Gen's Tongonan geothermal generation facility located in Leyte. The clean energy capacity will fully power two flagship financial hubs:
PNB Financial Center: Located along Macapagal Avenue in Pasay City.
PNB Makati Center: Situated along Ayala Avenue in Makati City.
Strengthening Decarbonization Across Corporate Portfolios
PNB Holdings Chief Financial Officer Ponciano Carreon Jr. emphasized that transitioning both corporate centers to 100 percent renewable energy aligns with the company's commitment to sustainable property operations and resilient infrastructure. Arlene Soriano, Head of Sales and Engagement at First Gen, noted that the agreement expands First Gen's existing clean energy partnership with the Lucio Tan Group, which already includes power supply contracts for Philippine Airlines, Lufthansa Technik Philippines, Macroasia, Grandspan Development Corp., Absolut Distillers, and Eton Properties.
Stock Market Reaction
Following the partnership announcement, First Gen shares rose ₱0.85 (2.92%) to close at ₱29.95, while Philippine National Bank shares dipped slightly by ₱0.05 (0.08%) to settle at ₱66.20.
