Manila — The Philippine National Oil Company (PNOC) and the Land Bank of the Philippines (LBP) formalized a partnership by signing a Memorandum of Understanding (MOU) on October 21, 2024, at the LBP head office to advance renewable energy initiatives. This collaboration aims to support the Philippine Energy Plan (PEP) 2023-2050, which seeks to increase the share of renewable energy in the country’s power generation mix to 35% by 2030, 50% by 2040, and beyond 50% by 2050.
In line with its mandate to develop the country’s energy resources, PNOC is committed to supporting renewable energy targets through initiatives such as the Solar Rooftop for Government Buildings (RGB) project and its role as a Retail Electricity Supplier (RES). LBP, as a major government financial institution with an electricity demand of approximately 1.0 MW, qualifies as a contestable customer under the Retail Competition and Open Access (RCOA) rules, making it an ideal candidate for rooftop solar photovoltaic (PV) installations to enhance energy efficiency.
This partnership aims to assess the feasibility of reducing LBP’s grid electricity consumption by installing rooftop solar PV systems at its facilities, with PNOC serving as its retail electricity supplier. The agreement facilitates the exchange of essential information and resources between PNOC and LBP, fostering collaboration in project scoping, pre-development, pre-feasibility and feasibility studies, and promoting the installed solar PV systems.
The MOU was signed by PNOC President and CEO Oliver B. Butalid and LBP President and CEO Lynette V. Ortiz. Both PNOC and LBP are committed to leveraging their resources, technical expertise, and manpower to ensure the collaboration’s success. The MOU also promotes the exchange of technical, sales, and marketing data crucial to project development and includes efforts to secure necessary permits and clearances for implementation. Through this partnership, PNOC and LBP reaffirm their shared commitment to accelerating the country’s transition to renewable energy and enhancing long-term operational sustainability.
