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Manila Bulletin devider Business devider PNOC inks deal with Singaporean firm for aquavoltaic venture

PNOC inks deal with Singaporean firm for aquavoltaic venture

Published Apr 26, 2024 01:20 am

At A Glance

  • Typically, fish farming and power generation could be done simultaneously by installing the solar photovoltaics (PVs) above the sun-dappled water level of fish ponds or marine resources.

State-run Philippine National Oil Company (PNOC) has inked a preliminary deal with Singapore-based firm Moorfields Capital Pte Ltd for targeted deployment of aquavoltaic technology as one of the innovative solutions for the country’s energy future.

The memorandum of understanding (MOU) was firmed up on April 25 this year between PNOC President and CEO Oliver B. Butalid and Moorfields CEO Hee Meng Chia.

MOU signing between PNOC and Moorfields.jpg

MOU signing between state-run PNOC and Singaporean firm Moorfields Capital

The targeted strategic investment tie-up will be for the development of a 100-hectare aquavoltaic project installation; although the specific has not been identified yet by the parties.

According to Butalid, PNOC’s foray into such kind of development initiatives would often be anchored on two criteria: first is on the technology’s potential to bring down electricity rates; and second, its ability to contribute to societal goals.

Aquavoltaics, in particular, is an innovative approach that would intersect the utilization of energy and water resources – wherein one part of the equation delves with deployment of photovoltaics for power generation; and the other would be for aquaculture.

Typically, it was noted that fish farming and power generation could be done simultaneously by installing the solar photovoltaics (PVs) above the sun-dappled water level of fish ponds.

The Singaporean firm, which has portfolios in renewable energy, food and carbon credits trading, has been setting its sights not just on investment opportunities in the Philippines but also in Vietnam.

“While aquavoltaics is relatively new in the country, PNOC's pioneering initiative through this partnership aims to spark interest and further development within the energy community,” the state-run firm emphasized.

As expounded, aquavoltaics would be a sustainable solution because it has ‘cooling properties’ on bodies of water – including those of reservoirs, lakes and even the open sea; hence, that will not only maximize energy production but it will also pare environmental impacts while ensuring that marine resources will continually flourish.

Under the Marcos administration, PNOC is eyeing to provide clean energy solutions that will help bring down electric bills  – primarily for the national government agencies, state universities and colleges as well as local government units (LGUs) all over the country. 

 

Related Tags

RE projects Philippine National Oil Company aquavoltaics Moorfields Capital innovative technology
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