CEMEX HOLDINGS Philippines, Inc. has inked a contract with Filinvest-ENGIE Renewable Energy Enterprise, Inc. (FREE) to develop a 10.08-megawatt (MW) ground-mounted solar system in its facility in Naga City, Cebu.
“This solar energy partnership is another milestone under Cemex’s Future in Action program, as we progress closer to our goal of reducing scope 2 emissions, coming from electricity sources that supply us, to less than 24kg of CO2 (carbon dioxide) per ton of cementitious product by 2030,” Cemex Philippines President and Chief Executive Officer (CEO) Luis Guillermo Franco Carillo said in a statement.
According to the company, the solar energy project is expected to avoid 10,000 metric tons of CO2 a year.
FREE is a joint venture company between FDC Utilities, Inc. (FDCUI), the power utility unit of Filinvest Development Corp., and ENGIE Services Philippines, a unit of French company ENGIE.
“We are proud to partner with FREE, a company that shares our vision to address climate change through sustainable projects. This is a win not only for Cemex, but also for the planet as we take concrete steps in making renewable energy the future of the industry,” Mr. Franco said.
Aside from the solar energy deal, the companies have also entered into a memorandum of understanding to explore the implementation of various renewable energy and energy efficiency solutions for Cemex’s facilities.
FDCUI President and CEO Juan Eugenio L. Roxas said that the companies are “poised to set new benchmarks in clean energy integration, signaling transformative alliance that reflects a collective dedication to environmental stewardship and forward-thinking business practices.
“Filinvest and ENGIE, leveraging our combined expertise, are pleased to play an integral role in helping Cemex climb the sustainability mountain,” Mr. Roxas said.
At the local bourse on Thursday, Cemex’s shares went up by three centavos or 3.75% to close at P0.83 apiece. — Sheldeen Joy Talavera