PNOC pursuing solar energy project with Spanish firm

Philippine National Oil Co. on Monday said it is keen on developing solar power projects in the country together with Spanish firm ISOFOTON S.A. PNOC president Pedro Aquino Jr. told reporters that the two firms have signed a memorandum of understanding to develop a photovoltaic (PV) solar energy project in the country. Aquino said the MOU was signed last month during the Conference on Renewable Energies in Madrid, Spain. Under the MOU, ISOFOTON will help the government source the necessary funds to pursue and promote the solar PV rural electrification program of President Gloria Macapagal Arroyo. Aquino said the estimated cost for the project is between Euro 10 million and Euro 15 million. According to Aquino, the contractor that would be selected to undertake the project could tap a soft loan from Kingdom of Spain. “Both parties would want to enter into a final and definite contractual agreement by the end of 2007 coinciding with the forthcoming visit to Spain of the Philippine President," the MOU said. Once the project is completed, he said they expect to install a total of 15,100 solar home systems in the country. Taking the lead in the use of solar power as source of electricity, PNOC earlier partnered with Mirant Foundation for the electrification of 83 barangays also in the AMORE Alliance for Mindanao Off-Grid Renewable Energy (AMORE) areas, which benefited a total of 2,490 families. As of October 2006, PNOC has already installed a total of 10,729 solar home system units in various regions throughout the country. Mindanao is host to 23 percent of the total project installation. - GMANews.TV