The Sikat Solar Challenge Foundation, Inc. was registered with the SEC as a non-stock, non-profit corporation on May 17, 2007 by a group of Filipino Businessmen to promote the beneficial use of renewable energy source including but not limited to solar power. It is an operating research organization. Its main office is located at 10th Floor Rockwell Business Center, Tower 3, Ortigas Ave., Pasig City. The foundation has 3 seconded staff, 1 regular staff and 11 Board of Trustees.
The organization was certified for one year on July 21, 2014 which ended on May 19, 2015.
Its purposes (V-M-G), among others, are “to promote the study and application of renewable energy sources; educate and engage the Filipino youth in promoting the use of clean and renewable energy; harness the creativity and talent of undergraduate students in developing practical and sustainable renewable energy solutions; and broaden linkages among business, educational institutions, government units and communities supporting the further development of renewable energy. The Foundation’s programs/projects used to implement the Vehicle Technology Development Program; Solar Energy Research Center and Mini Solar Car Challenge. In 2015, the Foundation streamlined its programs and focused on its Sikat Design Challenge program, an inter-university competition featuring renewable energy solutions which targets rural communities as end users. Geographical scope of programs: Nationwide.
Its sources of revenues include sponsor’s donations, contribution and interest income. The Foundation received total donations of P4 million in 2015. Its budget for 2016 is P7.98 million which will be funded from pledged donations once it receives its donee status in the same year. The Foundation received total donations of P4,000,000.00 in 2015. Its current budget for 2016 is P7,985,190.00.