Philippine National Oil buys P25-million solar panels from Shell Solar Philippines
Source: BusinessWorld /October 17,2008
http://www.bworldonline.com/BW101708/content.php?id=046
STATE-RUN Philippine National Oil Co. (PNOC) has entered the second phase of its solar project by buying the remaining P25 million photovoltaic inventory of Shell Solar Philippines in a bid to provide electricity to far-flung areas not covered by electric cooperatives and distribution utilities. The company has completed the first phase of its Solar Homes Systems (SHS) project, having installed 15,100 solar home systems in off-grid villages.
“PNOC is committed to harnessing renewable energy for the country. We see a huge market for solar home systems and we intend to meet the electricity needs of our fellow Filipinos, prioritizing those who are not connected to the grid,” PNOC President Antonio M. Cailao said in a statement yesterday.
PNOC signed the deal with Shell Solar on Monday. Under the second phase, PNOC commits to install around 40,000 solar units in the next five years, which will conribute P1.3 billion to PNOC’s gross revenues.