The Philippine National Oil Company (PNOC), a government-owned entity, has signed a preliminary agreement with Singapore-based company Moorfields Capital Pte Ltd to explore the deployment of aquavoltaic technology as part of the country’s energy strategy.
The memorandum of understanding (MOU) was finalized on April 25 between PNOC President and CEO Oliver B. Butalid as well as Moorfields CEO Hee Meng Chia.
The proposed collaboration aims to develop a 100-hectare aquavoltaic project, although the specific location has not yet been determined by the parties involved.
According to Butalid, PNOC’s involvement in such initiatives is guided by two main criteria: the technology’s potential to lower electricity costs and its alignment with societal objectives.
Aquavoltaics is an innovative approach that combines energy and water resources, involving the installation of photovoltaic panels for power generation above water bodies used for aquaculture.
The Singaporean company, known for its investments in renewable energy, food, and carbon credits trading, is interested not only in opportunities in the Philippines but also in Vietnam.
“While aquavoltaics is still emerging in the Philippines, PNOC’s pioneering efforts through this partnership aim to generate interest and foster further development within the energy sector,” emphasized the state-run corporation.
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