State-run Philippine National Oil Co. (PNOC) signed a memorandum of understanding (MOU) with Moorfields Capital Pte. Ltd. on Thursday, marking the start of aquavoltaic development in the country.
PNOC president and chief executive Oliver Butalid said the company evaluates projects based on two criteria, specifically its impact at the national level by offering new technology to lower electricity costs and its contribution to societal goals.
Butalid said following identification of the national impact, profitability becomes a consideration.
Butalid identified Moorfields chief executive Hee Meng Chia as a potentially valuable strategic partner for developing a 100-hectare area for the aquavoltaic project installation. Moorfields Capital, based in Singapore, specializes in sustainable investment.
Chia’s involvement and interest span renewable energy, food security, investments, poverty alleviation and carbon credits in the Philippines and Vietnam.
As a partner, Chia brings expertise in aquavoltaics, offering economic opportunities for fish farmers, job creation, increased fish farm productivity and community energy supply.
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.