May 28--Oscar Lopez, First Philippine Holdings Corp. chairman, said that US-based SunPower Corp. is keen on a tie up with the Philippine conglomerate for a solar manufacturing project outside the country.

"We have been invited to extend our collaboration with Sun Power to their newer and much larger plant that they are developing in Malaysia," he said.

First Holdings groups together the Lopez family's interests in the power, manufacturing, property and infrastructure sectors. Its subsidiary, First Philippine Electric Corp. (First Philec) partnered with SunPower, the world's leading manufacturer of high-efficiency silicon solar cells and related products, for a $78-million silicon wafer slicing facility in Batangas.

Lopez said the Malaysian venture offers another platform for the group's drive into renewable energy sources.

He said SunPower's invitation for another possible partnership in an international venture is an indication of the US firm's confidence in First Philec.

"The upside potential of this manufacturing venture will be constrained only by our ability to keep up with the growth in the solar energy industry," he said.

Solar energy provides a renewable and cleaner source of electricity than its fossil fuel counterparts whose emissions have been blamed for the deteriorating environment. But its prohibitive cost and lack of government support have discouraged consumers from adopting the technology.

In December, however, Congress passed into law the country's Renewable Energy Act, which provides incentives--both fiscal and non fiscal--to proponents of renewable energy projects such as solar, hydro, biomass and wind among others.

Another First Holdings unit, First Gen Corp., indicated that it will no longer put up conventional power plants because of its detrimental effects on human health and the environment. Last year, First Gen bought Energy Development Corp. (EDC), the world's second-largest geothermal power producer, with plans of making it a vehicle for investments abroad. EDC executives had said the company intends to invest in geothermal projects in Indonesia, which will take about two years to finalize.

Earlier, Elpidio Ibanez, First Holdings president, said the conglomerate is open to selling its remaining 13.4-percent Meralco stake. Manuel Pangilinan, Philippine Long Distance Telephone Co. (PLDT) chairman and newly elected Meralco director, subsequently said his group is eyeing to acquire another 13.4-percent stake in the country's largest electricity distributor.

Oscar's brother, Manolo, on Tuesday retained his post as chairman and chief executive of Meralco, after the Lopez Group and ally PLDT secured a thin majority over San Miguel Corp. on the utility's board. Despite having failed to gain majority in the electricity distributor, Ramon Ang, SMC president and newly elected Meralco vice chairman, said Southeast Asia's largest food and beverage concern, would remain in the utility.

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