FREE, FESTIVAL MALL SIGN SOLAR POWER PURCHASE DEAL
Published August 9, 2020, 7:00 PM | Manila Bulletin | Business News
Filinvest-ENGIE Renewable Energy Enterprise, Inc. (FREE) has signed a 20-year solar power purchase agreement with affiliate Filinvest Land, Inc. (FLI) for the supply of green energy to Festival Mall, a Filinvest Lifemall in Alabang.
Under the agreement, FREE will design, build, operate, and maintain an intelligent solar rooftop system. This involves the installation of photovoltaic panels on the rooftops of Festival Mall that can generate energy at 1,899 kilowatt-peak electricity per annum. The total energy output is estimated to cover about 31.4 percent of the mall’s peak demand along with delivering average cost savings of 27 percent for every electron supplied through solar versus the local grid.
The project is in line with the Filinvest’s sustainability goals and a reaffirmation of its commitment towards a decarbonized future, which is mapped with ENGIE’s purpose to accelerate the transition towards a carbon-neutral economy, through reduced energy consumption and more environmentally-friendly solutions. The facility is expected to reduce the carbon footprint of Festival Mall by up to 3,000 metric tons per annum, the equivalent of taking 670 cars off the roads of Metro Manila.
Filinvest Senior Vice President for Mixed-Use/HRB and Retail Joey F. Santos said that sustainability and protecting the environment are part of the core values of Filinvest Land.
“This engagement with FREE is consistent with our core values at Filinvest Land. This solar power project, apart from the benefit of reducing our power costs at Festival Mall, more importantly allows us to reduce its carbon footprint. It will only be the first of many sustainability initiatives that we will be undertaking at Filinvest Lifemalls.”
FREE President and CEO Juan Eugenio L. Roxas said the project is a positive indication that more institutions in the Philippines are now prioritizing the adoption of renewable energy sources.
“We are thrilled to be part of this initiative and are very eager to showcase our company’s technology. Through this partnership, we not only contribute to the success of FLI’s sustainable initiatives but likewise support the advancement of the country’s renewable energy sector and its transition to clean energy.”
FREE intends to begin construction by the fourth quarter of this year and targets to bring the solar power facility online by March 2021.
FREE and Festival Mall are both optimistic the initiative would help businesses within the mall’s premises recover from the coronavirus pandemic crisis while advancing the cause towards a green economy.