MANILA, Philippines - The Lopez Group is making its initial venture into solar rooftop development through a tieup with Cebu-based retailer Gaisano Capital.
In a statement, Lopez-run firms Energy Development Corp. (EDC) and First Gen Energy Solutions Inc. (FGES) said they have partnered with Gaisano Capital to provide low carbon and environment-friendly energy projects.
The parties inked a power purchase agreement (PPA) to install solar panels on the rooftop of Gaisano Capital Iloilo in La Paz, Iloilo City.
Under the agreement, EDC will construct and install 3,400 solar panels to provide Gaisano Capital Iloilo with 975-kilowatt (kw) of power, which can provide up to 50 percent of the mall’s daytime load and enable Gaisano Capital to avoid emitting 750 metric tons of carbon dioxide annually.
“At the rate climate change is affecting the most vulnerable countries including the Philippines, we should be shifting to cleaner and more efficient technologies that manage environmental, health and social impacts better. That is why we made a commitment to remain a 100 percent renewable energy company and not to build or invest in coal plants,” EDC president and COO Richard Tantoco said.
Gaisano Capital said the solar rooftop installation will give added value to its customers.
“We have been interested in solar panels for some time now. We always look for ways to make our operations more environmentally responsible and serve our customers better,” Gaisano Capital vice president for operations Edmund Gaisano Jr. said.
EDC and Gaisano Capital have also signed a memorandum of understanding to pursue solar opportunities for other branches in Panay Island.
Tantoco said EDC is currently in talks with other potential customers, mostly commercial enterprises, for its solar rooftop business.