ABOITIZ Power Corp. announced on Monday that its unit would be supplying 7,500 megawatt-hour (MWh) of renewable energy yearly to Wells Fargo International Solutions LLC-Philippines to help the latter meet 65% of its electricity requirements.
The supply to Wells Fargo’s branch in Taguig City is bundled with a renewable energy (RE) certificate, it added in a press release.
AboitizPower said that the renewable power would be sourced from its subsidiary AP Renewables, Inc.’s Tiwi-MakBan geothermal plants in Laguna, Batangas, and Albay. The company said that the power would be bundled with International Renewable Energy Certificates (I-REC).
An I-REC is an energy attribute certificate that allows end-users to make reliable claims that their energy usage comes from renewable sources.
AboitizPower added that the power supply agreement would supply more than half or 65% of Wells Fargo electricity requirements.
“Wells Fargo’s recent purchase agreement with AboitizPower represents an important step in the next phase of the bank’s renewable energy goal — to transition to a higher mix of long-term renewable energy contracts and significantly increase deployment of on-site generation to support the development of net-new sources of renewable energy,” AboitizPower said.
The company said that with the purchase agreement, Wells Fargo joins a group of companies that are shifting to RE or “Cleanergy”, which is AboitizPower’s brand for RE.
For Wells Fargo Chief Social Impact and Sustainability Nate Hurst, RE projects such as AboitizPower’s Tiwi-MakBan’s geothermal facility are crucial in helping the international bank mitigate the impacts of climate change.
“If we focus on markets where our energy needs are the greatest, we can advance our operational goals in a more sustainable way while also empowering job creation and care for the environment in communities where our employees live and work,” he said in a statement.
Wells Fargo Philippines Corporate Properties Group Head Edzel Ritchie Reyes said that the bank’s purchase agreement with AboitizPower is an “important additional step in their sustainability journey.” — Angelica Y. Yang