Lopez-led Energy Development Corporation (EDC) has signed a power supply agreement (PSA) with TDK Philippines Corporation as part of the manufacturing company’s climate change efforts.
First Gen Corporation’s renewable energy arm will be providing power to TDK Philippines’ manufacturing plant in Laguna from EDC’s Unified Leyte and Green Core Geothermal, Inc. power plants.
“TDK’s green initiatives, which include cutting down carbon emissions by 50% in 2035 and achieving net-zero by 2050, are aligned with our decarbonization and regeneration mission. We are honored to be your partner in your initiatives and we are proud to share this journey with you,” First Gen head of marketing and sales Arlene Sy Soriano said.
The agreement is part TDK Philippines’ commitment to joining solutions to various environmental and social issues related to related change stated in its Environment Policy and Medium Term Plan 2023.
“The partnership with First Gen is a big step for TDK Philippines to achieve our environmental mission to a cleaner, decarbonized world. TDK will continue to reach its environmental targets from the perspective of the entire supply chain and create value for a sustainable society,” TDK Philippines president and CEO Tomatsu Aiba.
EDC also has power supply agreements with Silliman University, De La Salle Lipa, Bounty Agro Ventures, Inc., Chioson Development Corp., and Hocheng Philippines Corp.
EDC has over 1,480 megawatts of installed capacity, accounting for 20% of the country’s total RE capacity.