Renewable is the way to go in the future so we want to pursue that, and that is our new focus, PNOC President Antonio C. Cailao said.
PNOC will tap partners or bank financing for the planned projects, which will cost billions, Cailao said.
PNOC also said that it will focus in renewable energy after selling shares in the country’s biggest oil firm, Petron. The government approved the sale of 3.75 billion shares in Petron worth P25.7 billion to Ashmore Group in November 2008.
Cailao earlier announced the company’s plans to construct a 30 megawatt hydropower plant in Luzon in 2009.
PNOC entered the phase II of its Solar Homes Systems project in 2008 by acquiring P25 million worth of photovoltaic inventory from Shell Solar Philippines, to provide power to far-flung areas not covered by electric cooperatives and distribution utilities.
PNOC has so far installed 15,100 solar power systems in off-grid barangays. Under the phase II, the company will install up to 40,000 solar power systems in five years, earning around P1.3 billion of gross revenues.
