Flying V ties up with Chinese firm

MANILA, Philippines - Flying V, one of the country’s most aggressive oil players, is diversifying into solar energy development after forging a joint venture deal with a Chinese solar energy firm.

Flying V chairman Ramon Villavicencio said they are now holding discussions for a possible turnkey solar panel manufacturing project with Terra Solar Global Inc., a subsidiary of China Solar Energy.

“Discussions have started for a joint venture turnkey solar panel manufacturing project with Terra Solar. Solar panels will in the future be technically advanced and cheaper,” he said.

Villavicencio said they have been intensifying efforts to expand their renewable energy initiatives.

“We have been known as a pioneer of alternative fuels and this time, we also want to contribute to renewable energy development,” he said.

Flying V was one of the first companies to offer biofuel blended petroleum products, years before the Biofuels Act was passed in 2006.

He said the joint venture with Terra Solar may include a solar panel manufacturing plant and exports.

A five-megawatt solar panel manufacturing plant will cost about $15 million to build. Ideally, he said the cost of producing solar panel energy in China is at $1 to $2 per watt. 

Villavicencio said the construction of the solar manufacturing facility, will coincide with the company’s plan to promote new technologies on the use of electric tricycle.

“Technology improvement and promotion of the electric tricycle now being introduced shall ignite the development and the commercial production of the Philippine version of the solar panel/electric auto vehicle envisioned by Flying V,” he said.

Flying V currently has 173 gas stations nationwide and plan to add 100 more stations this year. Of these 100 stations, he said 75 are already in the pipeline.