Malampaya funds to be used for solar panel project
MANILA - The Department of Energy (DOE) is coming up with a renewable energy program that will use the controversial Malampaya Fund.
DOE Director Mario Marasigan said P150 million from the Malampaya fund will be used to install solar panels in establishments such as schools. He said there is no final decision yet on the project.
Under the program, 100-kilowatt solar panels will be installed on the rooftops of interested schools or establishments. The cost of the solar panels can be obtained from the DOE's Malampaya fund to be loaned to a third party entity.
Once the solar panels are installed, the school or private establishment will now pay the third party for electricity generated which should be P2/kwh lower than the Meralco rate.
This will be then remitted by the third party back to the National Treasury as payment for the amount obtained from the Malampaya Fund.
After a 3- to 5-year repayment period, the third party and the establishment or school can come up with an agreement on what to do with the savings or panels installed on the roofs.
But DOE Director Mario Marasigan said there is no final decision yet on the project.