Aboitiz geothermal plants supply Well Fargo with power

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.

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.

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.”