On Monday, ABOITIZ Power Corp. reported that its unit supplies Wells Fargo international solutions LLC-Philippines with 7,500 megawatt hour (MWh) of clean energy a year, to enable the latter fulfill 65% of its electricity requirements.
The provision of renewable energy (RE) certificate for Wells Fargo’s branch in Taguig City is combined with a press release.
AboitizPower said that its affiliate, Tiwi-MakBan Geothermal Plants of Laguna, Batangas and Albay, will be responsible for the energy supply of its renewable energy. The organization said electricity is paired with International Certificates of Sustainable Energy (I-REC).
An I-REC is a certificate for the energy attributes which enables end-users to rely on renewable sources for their energy usage.
AboitizPower said more than half or 65% of the Wells Fargo energy needs will be supplied by the power supply arrangement.
“From Wells Fargo’s latest buying arrangement with AboitizPower, the move to a higher blend of long-term renewable energy contracts and a major growth in onsite generation deployment to help net-new sources of renewable energy is a vital development in the next phase of the Bank’s target of energy refining,” said AboitizPower.
Wells Fargo is one of a community of businesses who are transitioning to RE or “Cleanergy” that is AboitizPower’s brand for RE. The organization said with the purchasing agreement.
RE ventures including the Tiwi-MakBan Geothermal Facility in AboitizPower are vital to helping the international bank offset the impacts of climate change for Wells Fargo’s Chief Social Impact and Mitigation Nate Hurst.
“We will promote our operations targets in a more efficient fashion while allowing employment to be generated and cared for the community in areas where our workers live and operate, if we are centered on certain sectors where our energy demands are highest,” he said.
Edzel Ritchie Reyes, Head of Wells Fargo Philippines Corporate Assets Division, says the bank’s purchasing agreement with AboitizPower “is a more significant move on its sustainable growth.”