MANILA, Philippines – State-owned Philippine National Oil Co. (PNOC) is set to firm up a solar power project with a German company.
“We hope to conclude the deal soon with Germany-based firm,” PNOC president Antonio Cailao told reporters.
Cailao, however, declined to name the company as they have yet to complete the negotiations on the solar power project.
The PNOC chief said aside from the solar project, they are also looking at other possible partnerships with various foreign firms for the development of renewable energy sources.
He said they are talking with a Korean power firm for a possible wind power project.
A US-based power firm, he said, is exploring the possibility of joining forces with PNOC for a hydropower plant.
Power firms from Singapore and Thailand are also looking at potential RE projects in the Philippines.
Cailao said PNOC is now focused on the development of renewable energy sources.
Recently, PNOC’s renewable energy arm, PNOC Renewables Corp. (PNOCRC) and the Constellation Energy Corp. (CEC), a subsidiary of Enerasia Renewable Corp., a Toronto-based company, signed a memorandum of agreement (MOA) to share industry expertise and utilize each other’s management, financial, and technical resources.
PNOCRC and CEC have extensive renewable energy knowhow and potential renewable energy property leases for renewable applications.
Cailao said “PNOCRC is hitting the ground running with this new joint venture. I have instructed them to make their renewable energy projects operational by 2010 at the earliest.”
“This company is the vehicle for PNOC to engage in renewable energy projects such as solar, hydro, wind, and naturally, reenter geothermal. When we sold PNOC Energy Development Corp. in 2007, I did not agree to a non-compete clause that would tie PNOC’s hands from reentering geothermal,” he said.
PNOCRC is mandated to promote and undertake research, development, utilization, and commercialization of new, renewable, non-conventional energy sources.