Filinvest REIT expects to power 94% of office buildings with RE soon
FILINVEST REIT Corp. (FILRT) expects that 94% of its office building portfolio will soon transition to renewable energy (RE) sources, the Gotianun-led company said on Thursday.
Filinvest Three in Muntinlupa City has qualified for the Green Energy Option Program (GEOP) and seeks to be powered by 100% renewable energy by the third quarter. Additionally, Axis Tower One, also in Muntinlupa, and Filinvest Cyber-zone Cebu Tower 1 in Cebu City will be supplied with renewable energy starting in June, FILRT said in a stock exchange disclosure.
“The addition of Filinvest Three, Axis Tower One, and Filinvest Cyberzone Cebu Tower 1 will further expand the company’s renewable energy portfolio from 13 to 16 out of 17 office buildings, covering 94% of FILRT’s total office portfolio in terms of number of properties,” the company said.
FILRT recently announced the shift of its five office building properties to renewable energy sources under the GEOP. These include Plaza D in January, and Plaza B, Plaza C, Plaza E, and 5132 in February, all located in Muntinlupa.
This brought the company’s renewable energy portfolio to 13 out of 17 office buildings, accounting for 76% of its total properties.
“This strategic move not only fulfills our long-standing sustainability commitments but also resonates with the core objectives of our tenants in forging a more sustainable future,” FILRT President and Chief Executive Officer Maricel Brion-Lirio said.
Other FILRT buildings powered by renewable energy include Vector One, Vector Two, Vector Three, iHub 1 and 2, Filinvest One, Filinvest Two, and Plaza A.
The GEOP is an initiative led by the Energy department in accordance with Republic Act No. 9513 or the Renewable Energy Act. The program offers a choice for end-users to shift to an electricity supplier capable of delivering energy from 100% renewable energy generating facilities.
On Thursday, FILRT stocks fell by 3.91% or 11 centavos to P2.70 each. — Revin Mikhael D. Ochave