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Aboitiz Power to supply renewable energy to Wells Fargo in Taguig

Aboitiz Power Corporation, through its subsidiary AP Renewables Incorporated (APRI), will be supplying the renewable energy (RE) needs of Wells Fargo International Solutions LLC in the Philippines.

In a statement on Monday, March 1, Aboitiz Power said it will deliver about 7,500 megawatt-hours of RE to Wells Fargo's Taguig City facility, which is equivalent to 65% of the latter's electricity needs.

The RE will come from APRI's Tiwi-MakBan geothermal plants in Laguna, Batangas, and Albay.

"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 Wells Fargo head of social impact and sustainability Nate Hurst.

Aboitiz Power said the partnership with Wells Fargo is its first for geothermal energy. Wells Fargo, it added, is the first to shift to renewable energy in McKinley Hill in Taguig.

"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," said Aboitiz Power first vice president for commercial operations Juan Alejandro Aboitiz.

"Wells Fargo's proactive 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," Aboitiz added.

In 2019, Wells Fargo's tax equity investments accounted for 10.3% of all solar and wind generation capacity in the United States.

Wells Fargo has been purchasing RE for its global electricity needs. It reached its 100% RE goal in 2017. – Rappler.com

Aika Rey

Aika Rey is a business reporter for Rappler. She covered the Senate of the Philippines before fully diving into numbers and companies. Got tips? Find her on Twitter at @reyaika or shoot her an email at aika.rey@rappler.com.

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