View all news

Wells Fargo Expands Renewable Energy Purchases into Philippines


Deal with Aboitiz Power Corp. will help Wells Fargo meet 65% of its electricity requirements in the Philippines with geothermal power

Manila -- Wells Fargo International Solutions LLC – Philippines (“Wells Fargo Philippines”) today announced it has entered into a retail electricity purchase agreement with Aboitiz Power Corporation through its subsidiary, AP Renewables Inc. (APRI), for the fulfillment of its renewable energy needs. The power company will deliver approximately 7,500 MWh of renewable energy annually bundled with International Renewable Energy Certificates (I-RECs) to Wells Fargo's Taguig facility from its Tiwi-Makban geothermal plant in Laguna.       

Wells Fargo Philippines, located at McKinley Hill, Bonifacio Global City, is primarily an extension of the operations, knowledge services, and corporate support teams of Wells Fargo. 

Geothermal power plants use heat from deep inside the earth to generate steam to make electricity. According to, the Tiwi-Makban plant is the fourth-largest geothermal plant in the world. The deal announced today is Wells Fargo’s first for geothermal energy. Wells Fargo joins a growing group of companies shifting to renewable energy, or “Cleanergy,” which is Aboitiz group's brand for renewable energy, and is the first to do so in McKinley Hill, where its 850,000-square-foot site is located.

As part of its goal to accelerate transition to a low-carbon economy, Wells Fargo has been meeting 100% of its annual global electricity requirements through renewable energy  since 2017, primarily through the purchase of RECs.  Today’s announcement represents an important step in the next phase of the bank’s renewable energy goal — to transition to a higher mix of long-term renewable energy contracts and significantly increase deployment of on-site generation to support the development of net-new sources of renewable energy.    

“Renewable energy projects like Tiwi-Makban are critical for helping us do our part to curb the impacts of climate change,” said Nate Hurst, head of Social Impact and Sustainability for Wells Fargo. “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.” 

Edzel Reyes, Corporate Properties Group head of Wells Fargo Philippines, shared, “We have been taking deliberate steps in our sustainability journey, with utilities being one of our major focus areas. This marks an important additional step in that direction. 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.”

Aboitiz Power's first vice president for Commercial Operations Juan Alejandro Aboitiz shares his optimism about the cleanergy partnership with Wells Fargo. "Over the years,” he said, “AboitizPower has taken great strides towards the fulfillment of its groupwide sustainability goals. We take pride not just in powering the energy needs of the country, but more so in fostering social responsibility through the conservation of the environment. By working with Wells Fargo, we are poised to continue the Aboitiz promise of advancing business and communities by pursuing reliable and sustainable ways of delivering energy.”

In addition to being one of the largest corporate users of renewable energy, Wells Fargo is a leader in financing large-scale wind, solar, and other renewable energy projects. The company made its first tax equity commitment in 2006; since then, it has become one of the leading investors in the renewable energy space, providing more than $8 billion in tax equity financing to customers in support of more than 400 projects. At the close of 2019, Wells Fargo’s tax equity investments represented 10.3% of all solar and wind generation capacity in the United States. 

About Wells Fargo
Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories. Additional information may be found at | Twitter: @WellsFargo.

About Wells Fargo International Solutions, LLC - Philippines

Wells Fargo International Solutions, LLC – Philippines is a critical component of Wells Fargo’s (Wells Fargo Bank, N.A.) strategy to leverage distinct advantages in doing business in a global environment. Wells Fargo International Solutions, LLC – Philippines primarily supports the operations, knowledge services, and corporate support teams of Wells Fargo. It facilitates international operations, knowledge support, and middle and back-end business process solutions for a wide spectrum of Wells Fargo’s needs.

Contact Information
Wells Fargo
Hazel Ludovice, + 63-99-8585-0819

E.J. Bernacki
+1 415-823-3523

Multimedia Files:

AboitizPower's Tiwi-Makban geothermal plant ensures the delivery of reliable and clean energy to power Wells Fargo's operations. 810 x 455 jpg 511 KB
View all news