Aboitiz-owned geothermal plants supplying power to Wells Fargo

Published March 2, 2021, 7:00 AM

by Myrna M. Velasco

The Tiwi and Makiling-Bahanaw geothermal plants have started supplying the electricity requirements of American financial services company Wells Fargo through the retail electricity supplier (RES) agreement that the parties have entered into.

Wells Fargo Philippines, McKinley Hill, Bonifacio Global City.

The supply of power to the American firm will be for its Philippine operations, primarily for the extended base of its operations at its McKinley Hill office at the Fort Bonifacio Global City in Taguig City.

Under the supply deal, the geothermal facilities of AP Renewables Inc. (APRI) of the Aboitiz group will help satiate up to 65-percent of the electricity requirements of Wells Fargo’s Manila office.

Via the Retail Competition and Open Access (RCOA) policy of the restructured electricity sector, Wells Fargo is classified as a “contestable customer” that can then negotiate and contract directly with its preferred power supplier.

According to APRI, it will “deliver approximately 7,500 megawatt-hours of renewable energy annually,” that will be bundled with international renewable energy certificates.

The company added that its deal with the Aboitiz group will be its first when it comes to patronizing geothermal resource for its energy use.

Tiwi Geothermal Power Plant, Albay.

The Aboitiz Group is offering its RE and clean energy portfolio, via its “Cleanergy” brand – and this is the package that has been gaining customer base in the RES-served segment of end-users.

“Wells Fargo’s recent purchase agreement with Aboitiz Power represents an important step in the next phase of the bank’s renewable energy goal,” the power company said.

According to Nate Hurst, head of social impact and sustainability of Wells Fargo, “renewable energy projects like Tiwi-MakBan are critical for helping us do our part to curb the impacts of climate change.”

He added “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.”

Edsel Reyes, corporate properties group head of Wells Fargo Philippines, similarly emphasized that “we have been taking deliberate steps in our sustainability journey, with utilities being one of our major focus areas.”

The sourcing of power supply from APRI, he asserted “marks an important additional step…the conversion of our newest site in Manila toward adopting renewable energy is in alignment with our consistent focus on increasing sustainable use of resources and development in our corporate properties.”