BBVA Compass Announces 10-Year Green Power Contract for Hundreds of Its Texas Branches and Facilities
Agreement secures renewable power for more than 300 facilities of state’s fourth-largest bank
HOUSTON, Aug. 1, 2013 /PRNewswire/ — BBVA Compass and Choice! Energy Services (Choice) announced today that they signed a 10-year fixed contract to bring renewable power to a large number of the bank’s branches and facilities in Texas.
More than 300 of the bank’s branches, offices and ATMs will get solar and wind-generated electricity from Choice, a Houston-based retail energy consultant and broker. The contract runs through May 22, 2023.
“At BBVA Compass, we are always looking for ways to reduce the bank’s impact on the environment,” said Troy Lindsey, head of real estate for the bank. “This contract ensures that our growing Texas operations will be powered by reliable green energy sources and significantly reduces our carbon footprint.”
BBVA Compass worked with Choice, which tailored a custom solution to fit the bank’s procurement goals and objectives. The resulting contract will provide BBVA Compass with an estimated 41 million kilowatt hours of green power annually. BBVA Compass awarded the energy supply contract to AP Gas & Electric based on its credit quality and deal structure.
“Increasing the awareness of competitively priced green energy alternatives is of utmost importance to Choice! Energy Services nationwide, but particularly in Texas,” said Kiki Dikmen, Managing Partner of Choice. “BBVA Compass is demonstrating leadership in the green power area and protecting itself from long-term supply and price volatility. This 10-year contract is highly unusual in the state and BBVA Compass is the first bank to take this step to reduce the complexity and volatility associated with its long-term power needs while also assuring it will have access to 100 percent green power for its operations.”
The bank’s newest Houston branch, located at 4004 Richmond Ave., will be supplied by green power sources and features energy efficient water- and energy-consumption systems. The 3,300-square-foot branch received a LEED Gold certification, a global recognition of an environmentally friendly building made with sustainable materials.
“It’s exciting to see the way these two Houston companies have joined efforts as a result of their commitment to sustainability and green power solutions,” said Laura Spanjian, City of Houston director of sustainability. “Hopefully, others will take note of this example and follow their lead, as the use of renewable power is essential to reducing emissions in Houston and across Texas.”
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 688 branches, including 352 in Texas, 90 in Alabama, 78 in Arizona, 64 in California, 45 in Florida, 38 in Colorado and 21 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading Small Business Administration lenders. Additional information about BBVA Compass can be found at www.bbvacompass.com.
About Choice! Energy Services
Choice! Energy Services was founded in 2002 as a result of electricity deregulation in Texas, and has since expanded into every deregulated electricity and gas markets in the country. With the goal of helping customers reduce energy costs, better manage budgets and lower overall risk, Choice! Energy Services is a leading provider of electricity and gas brokerage services in the United States. For more information, please visit: www.choiceenergyservices.com.
SOURCE BBVA Compass