The Philippine National Oil Co. (PNOC) and LBP Resources and Development Corp. (LBRDC) have entered into a strategic partnership to facilitate the installation of rooftop solar photovoltaic systems at LBRDC premises.
A memorandum of understanding (MOU) between the two calls for the sharing of technical expertise and pooling of resources to develop sustainable solar initiatives.
LBRDC is a subsidiary of the Land Bank of the Philippines engaged in construction, project management, brokering services and real estate management and development.
The parties said the MOU represents the first step towards a formal contract, with a three-month projected timeline for conducting further studies on suitable installation sites and structural assessments.
Ricardo Juliano, LBRDC president and chief executive officer, said that “lowering the energy costs within the economic zone could have the potential effect of making it more attractive to investors by reducing overall operating expenses.”
Oliver Butalid, PNOC president and chief executive officer, said the move is also in line with the state-run firm’s goal to position the company as a service agency to government entities, providing innovative energy solutions to meet national development goals.
This is the fourth partnership signed by PNOC with a private entity this month, to pursue RE projects.
