MANILA, Philippines ? Some Philippine National Oil Co.-Renewables Corp. has signed an agreement with a Toronto-based power firm to develop and fast-track renewable energy projects in the Philippines.

According to PNOC-RC president Pedro Maniego Jr., the state-owned corporation has signed a memorandum of agreement with Constellation Energy Corp., a subsidiary of the Enerasia Renewable Corp.

?We are initially looking at projects that will produce from 25 to 50 megawatts of energy,? Maniego said.

Both companies are looking at projects in the Mindoro, Palawan and Visayas areas, which are already experiencing energy shortages.

Maniego also stressed the urgency of the agreement, noting that this could help the government fast-track its planned hydro, solar and wind energy projects.

?PNOC-RC is hitting the ground running with this new joint venture. I have instructed them to make their renewable energy projects operational by 2010 at the earliest,? said PNOC president Antonio Cailao.

PNOC-RC was put up by state-owned PNOC as its vehicle for implementing renewable energy projects such as solar, hydro, wind and geothermal. It is mandated to promote and undertake research, development, utilization and commercialization of new, renewable, nonconventional energy sources.

Under the agreement, both parties have agreed to share industry expertise and use each other?s management, financial and technical resources.

Both PNOC-RC and CEC have extensive renewable energy know-how and potential renewable energy property leases for renewable applications.

?Enerasia has a great deal of confidence that this joint venture with PNOC, combined with our international development partners, is going to greatly contribute to the growth of renewable energy in the Philippines,? said Enerasia chief executive Jane Mackay.

Meanwhile, Enerasia chair Jose P. Leviste Jr. noted that green energy was the wave of the future and welcomed government initiatives in the sector, and the strategic alliance with PNOC-RC.

In the Philippines, Constellation Energy had applied for the development of wind power sites in Ilog, Negros Occidental, and in Tanjay, Pamplona, Negros Oriental. It is currently in the prequalification phase.