THE Philippine National Oil Co. has availed of an $8-million loan from the Asian Development Bank to put up a new subsidiary that will help government agencies and private companies to become more energy efficient.

According to a ranking government official who declined to be named, PNOC is launching the so-called Super Energy Service Company (Super Esco) by December.

The first of its kind in the Philippines and Asia, Super Esco is expected to stimulate growth of the local Esco industry and provide a sustainable instrument for energy efficiency implementation in the government and private sector.

PNOC has been chosen to establish the Super Esco because its charter allows it to invest in projects that will generate income for the company whill fulfilling its mandate to ensure efficient use of energy resources.

The Super Esco project is a component of a bigger undertaking dubbed Philippine Energy Efficiency Project (PEEP).

Under PEEP, the Super Esco will act as financier/guarantor for smaller Escos doing projects for the private sector, ADB documents showed.

Among the services that the Escos may provide are audit of company equipment and facilities, joint financing, provision of energy-efficiency options, installation services, monitoring of operations and performance, and promotion of energy-efficient technologies and services.

The goal is to target heavy users of energy, and the challenge is to create value out of saving energy for the heavy users.

Depending on the agreement, the savings to be realized from reduced consumption will be split between the company and the Esco, or may be used for other energy saving projects.

The creation of the Super Esco is one of the energy efficiency projects that the government has lined up. In January, the ADB approved a $31.1-million loan to partly finance the PEEP.

PEEP is aimed at encouraging households and businesses to swap their incandescent bulbs for more energy-efficient fluorescent lights, among other initiatives.