Business Mirror
WEDNESDAY, 09 NOVEMBER 2011 19:58 PAUL ANTHONY A. ISLA / REPORTER
THE state-run Philippine National Oil Co. (PNOC) said on Wednesday that it has tapped the Land Bank of the Philippines as the program and fund manager of its Decentralized Energy System Project Fund (DESPF).
The PNOC said the DESPF is a financial support mechanism for the commercialization of renewable and other off-grid energy technologies in the Philippines.
At present, the PNOC said it is managing the funds that now amounts to P141 million to promote development and commercialization through financial assistance, investments and consultancy services to businesses engaged in the manufacture, marketing, utilization of decentralized energy system technologies and products.
Antonio Cailao, PNOC president and chief executive, said the company decided to place the fund in an interest-earning and principal-protected investment with LandBank because of its existing renewable-energy loan program that supports the government’s call to develop renewable and alternative energy sources.
Cailao said the fund will prioritize projects that will be referred by PNOC, and will also form part of LandBank’s pool of funds to finance existing renewable energy and other energy-related projects.
The PNOC said the Decentralized Energy System Project started in 1987, with a P62-million grant from the European Union, with PNOC’s former subsidiary Energy Development Corp. (EDC) as the project’s implementing agency.
The PNOC said the project financed some 26 loans covering DES technologies such as photovoltaics, biogas, agri-dryers, coal briquettes, solar water heaters and energy conservation technologies.
As the project became sustainable, EU’s financial support ended in 1995, with a five-year transition period. In 2001 the government gave its full commitment and responsibility to sustain the project.
In another development, the PNOC said its renewable energy arm—PNOC-Renewables Corp. (PNOC-RC) —has signed a memorandum of understanding with the University of the Philippines (UP) for the research and development of new and renewable-energy sources within the various UP campuses.
Under the MOU, PNOC-RC will conduct feasibility studies on utilizing solar, biomass and other renewable energy in the UP campuses, develop prototype pilot renewable energy projects in the UP system, and conduct energy audits of UP buildings, among others.
PNOC-RC will also help UP evaluate the renewable energy potential of the different campuses and properties to determine if these can be tapped commercially for resource generation, which includes, but is not limited to the geothermal energy and biomass potential of the Los Baños campus in Laguna, and the solar energy potential of the Diliman Campus.
PNOC-RC said UP will provide them access to its scientific and technical resources, including expertise from its UP faculty and staff.
PNOC-RC was formed in 2008 as a wholly-owned subsidiary of PNOC. It is tasked to promote and undertake research, development, utilization, manufacture, sale, and marketing among others, of new and renewable, non-conventional, and environment-friendly energy sources and systems.
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