PNB Holdings Corporation (PHC), the real estate arm of Philippine National Bank, has signed a deal with First Gen Group, the country’s leading renewable energy firm, for the direct supply of over 5 megawatts (MW) of clean power to two of its flagship properties, deepening ties between the Lucio Tan Group and the energy company.
Signed on August 18, the agreement will source geothermal energy from First Gen’s Tongonan facility in Leyte to power the PNB Financial Center in Pasay City and the PNB Makati Center in Makati’s central business district. The shift will make both properties fully powered by renewable energy.
For PHC, the deal underscores a key commitment to sustainable, low-impact property management and future-ready operations. “Transitioning to 100 percent renewable energy at both sites reflects our drive toward responsible development while keeping energy reliable and efficient,” said Ponciano Carreon Jr., PHC chief financial officer. “This move cuts our environmental footprint and strengthens the long-term resilience of our assets.”
The arrangement also builds on First Gen’s existing energy partnerships with other Lucio Tan Group entities, including Philippine Airlines, Lufthansa Technik Philippines, Macroasia affiliates, Grandspan Development, Absolut Distillers, and Eton Properties.
“We are proud to expand our collaboration with the Lucio Tan Group through PNB Holdings,” said Arlene Soriano, First Gen head of sales abs engagement. “We stand ready to support their decarbonization goals as they future-proof their properties through sustainability-focused innovations.”
First Gen operates more than 1,700 MW of capacity across 31 hydro, geothermal, solar, and wind sites nationwide, supplying clean power to utilities and large-scale customers spanning education, manufacturing, agriculture, and fast-moving consumer goods. Beyond energy supply, the company also offers on-site solar installations, remote monitoring tools, and energy audits to help businesses optimize consumption.
