Lopez-led First Gen Corp., through its renewable energy unit, Energy Development Corp. or EDC, has signed a power supply agreement, or PSA, to provide 20 megawatts of supply to Central Negros Electric Cooperative or CENECO, one of the largest electric cooperatives in the Visayan Region.
The parties have recently signed an agreement to conclude the Competitive Selection Process, or CSP, for the procurement of CENECO's 20-MW baseload power supply requirement.
The 10-year power supply agreement is scheduled to commence in the last quarter of the year, once all requirements have been finalized and secured.
First Gen has been supplying clean and renewable power to CENECO since 2011, with a contracted demand of 20 MW.
With this new contract, an additional 20 MW will be delivered making their total contracted demand from First Gen at 40 MW, and its biggest supplier of renewable energy.
"Our relationship with CENECO has been strengthened over time by mutual respect and trust. We've shared so much and weathered through many storms —literally and figuratively. And we're still here trying to do something good for our stakeholders," FirstGen vice president for Power Marketing, Economics and Trading Carlos Lorenzo Vega, said.
Sustainable energy under deal
Meanwhile, CENECO acting general manager Arnel Lapore said the cooperative prioritizes contracting for sustainable and reliable energy as seen in their decision to make 40 percent of their overall contracted supply renewable and the intention of increasing this number in the future.