Aboitiz Power Corporation was tapped to supply renewable energy (RE) for Wells Fargo International Solutions LLC-Philippines to meet its electricity requirements in the country.
Wells Fargo Philippines recently announced that it has entered into a retail electricity purchase agreement with AboitizPower through AP Renewables, Inc. (APRI) to fulfill 65% electricity requirements of renewal energy needs.
AboitizPower will deliver about 7,500 megawatt-hours of RE annually bundled with International Renewable Energy Certificates to Wells Fargo’s facility in Taguig City from APRI’s MakBan geothermal power plant in Laguna and Batangas, as well as its Tiwi geothermal facility in Albay.
The partnership is Wells Fargo first for geothermal energy. It also joined a group of companies to transition to renewable energy or “Cleanergy,” AboitizPower’s RE brand. It is also the first RE venture in McKinley Hill, where the American firm holds Philippine operations.
In a statement, Aboitiz Power first vice president for commercial operations Juan Alejandro Aboitiz said the partnership with Wells Fargo is a shared commitment in building the market for renewables in the country.
“A multi-sectoral approach, of all stakeholders doing their part, will help us achieve the grid’s aspirational RE share of 35% by the end of the decade. Wells Fargo’s pro-active support for Cleanergy is a good example of how environmentally-conscious corporations can strengthen their sustainability programs, and help build the market for renewables in the Philippines,” Mr. Aboitiz pointed out.
“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,” said Nate Hurst, Wells Fargo’s social impact and sustainability head.
The Energy Regulatory Commission has recently expanded the coverage of the Retail Competition and Open Access policy to end-users with an average monthly peak demand of at least 500 kilowatts annually on a voluntary basis.
APRI, which serves as Wells Fargo’s retail electricity supplier, is a subsidiary of AboitizPower, the country’s largest power generator.