MANILA, Philippines — State-run Land Bank of the Philippines has partnered with Philippine National Oil Co. (PNOC) for the installation of rooftop solar panels.
Landbank’s LBP Resources and Development Corp. (LBRDC) inked a memorandum of understanding (MOU) with PNOC last Tuesday.
LBRDC president and CEO Ricardo Juliano said the project could lower energy costs within the economic zone, which could potentially attract investors.
“It’s not just because we want to save money on electricity, but it’s because of the multiplier effect of what this partnership can achieve,” Juliano said.
LBRDC focuses on the construction of buildings, office renovations, among others.
Juliano added that the MOU with PNOC is “just a start.”
PNOC president and CEO Oliver Butalid said both parties would sign a memorandum of agreement (MOA) within the next three months, following studies to be conducted on the development of solar plants in the economic zone.
Following the completion of the MOA, procurement and installation activities of the solar plant will commence.
Estimated capacity of the installment of solar photovoltaic systems is at one megawatt (MW) amid a 300,000-kilowatt hour (kWh) requirement for LBRDC’s economic zone in Caloocan City.
“We would like to step into that role and make the government entities benefit from all of these technologies in renewables and so that is our contribution not only to government agencies reducing their electricity cost their recurring expense but of course achieving societal goals of ensuring that we use energy more efficiently,” Butalid said.
The initiative aligns with PNOC’s 3-Arrow Strategy aimed at making the company a service agency to government agencies by providing energy solutions to meet national development goals.