ACEN unit to supply clean energy to JP Morgan Chase HQ in PH

MANILA  -A subsidiary of Ayala-led ACEN Corp. has inked an agreement with US-based JPMorgan Chase to power the latter’s headquarters  in the Philippines with renewable energy and help accelerate the bank’s energy transition efforts.

ACEN Renewable Energy Solutions (ACEN RES) will source energy from the parent company’s portfolio of wind, solar and geothermal plants to power JPMorgan’s 25-story office in Taguig City, ACEN said in a statement on Monday.

“The Ayala group and JPMorgan Chase have a long history of cooperation, and we are very proud that this relationship has evolved toward our shared value of sustainability,” said ACEN president and chief executive officer John Eric Francia.

JPMorgan’s transition to renewable energy is expected to avoid carbon dioxide emissions equivalent to around 4,700 cars off the road per year, according to ACEN.

ACEN noted that the retail electricity supply agreement with JPMorgan could also help the bank save on cost while having a reliable and sustainable source of electricity supply.

“Through this partnership and the shift to renewable energy solutions, we affirm our global commitment to environmental sustainability and our continued efforts to achieve a low-carbon footprint for JPMorgan Chase in the Philippines,” said Carlos Ma. Mendoza, JPMorgan senior country officer.

Earlier this year, ACEN announced its goal of expanding its renewable energy portfolio to 20 gigawatts (GW) of capacity by 2030 through its businesses across the Philippines, Indonesia, India, Australia and Vietnam.

READ: ACEN to spend P70B this year to support clean energy ambition

ACEN currently has around 4.4 GW of attributable capacity from its owned facilities in addition to 1.1 GW of renewable projects under construction in its local market alone.

According to Francia, they expect 600 MW of these projects to begin commercial operations in the next six months.

READ: ACEN set to start Laguna Lake floating solar project

Apart from its existing renewable assets of ground-mounted solar, wind and energy storage, ACEN also recently announced that it was set to lease an 800-hectare area on Laguna Lake to jumpstart its foray into floating solar development, aiming to add at least 1 GW to its portfolio in the next two to three years.