AdventEnergy, the retail electricity supply arm of Aboitiz Power Corp., has finalized a deal to provide 2 megawatts of clean electricity to 153 branches of China Banking Corp. (Chinabank). This significant agreement will transition over 30 percent of Chinabank’s branch network, located across Bulacan, Cavite, Laguna, and Metro Manila, to renewable energy sources.
Chinabank President and CEO Romeo D. Uyan Jr. highlighted the strategic importance of this initiative, stating, “This move aligns with the bank’s commitment to renewable energy, aiming to reduce its carbon footprint and foster a sustainable future.” The partnership underscores Chinabank’s dedication to environmental responsibility.
Catherine Del Villar-Pasilaban, Vice President at AdventEnergy, emphasized the company’s role in this transition. “We are dedicated to providing reliable and sustainable energy solutions,” she noted. The collaboration is anticipated to not only stabilize electricity costs for Chinabank but also to accelerate its progress toward its sustainability targets.
This deal also serves to strengthen AdventEnergy’s existing relationship with the SM Group, the majority owner of Chinabank. The successful execution of this agreement was facilitated by the Energy Regulatory Commission’s Retail Aggregation Program and the expanded customer choice provisions under the Retail Competition and Open Access program. These regulatory frameworks have notably lowered the contestability threshold to 100 kilowatts, making such renewable energy supply agreements more accessible for businesses.
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