Global Power to supply Megaworld subsidiary

By Myrna M. Velasco – November 23, 2019, 10:00 PM
from Manila Bulletin

The retail power arm of Global Business Power Corporation (GBP) has recently inked a power supply, agreement with Global Estate Resort Inc. (GERI) for the provision of the latter’s electricity needs within the ambit of retail competition and open access policy in the industry.

GBP’s power retailing unit Global Energy Supply Corporation (GESC) had underwritten the deal for the supply of 4.0-megawatt capacity to GERI’s 140-hectare township development in Boracay Newcoast in the famed island-paradise of the country.

That new power retailing customer of GBP is a subsidiary of Megaworld Corporation of Andrew Tan, who is in the country’s list of top billionaires.

GBP President Jaime T. Azurin emphasized that “our partnership with GERI comes at such an exciting time, as this retail supply agreement harnesses the synergy between the energy and real estate sectors,” which in turn will be supporting the targeted dynamic growth of the tourism industry.

Boracay island in particular is still considerably power supply-challenged, that having a dedicated supplier could be more of a plus point for tourism facilities at this point in time.

And as indicated by GBP, tourism continues to be one of the key economic growth drivers for the Philippines – accounting for 12.7 percent of the gross domestic product (GDP), as culled from last year’s data of the Philippine Statistics Authority.

According to Global Power, its client GERI is currently advancing its first master-planned community in Boracay island that shall consist of five districts, namely: The Newcoast Village, Oceanway condominiums, Savoy, Belmont and Chancellor Hotels, Boracay Town Center and Newcoast station.