Basic Energy earmarks P1.9B for solar park
Basic Energy Corp. is allotting about P1.9 billion to build a 43-megawatt (MW) solar plant in Negros Occidental as it seeks to strengthen its portfolio with utility-scale renewable energy projects.
In a disclosure on Thursday, the company said it received a certificate of award for the Cadiz 1 Solar Power Project. This was secured through the fourth round of the government’s green energy auction (GEA) program.
Basic Energy said it was “advancing” the completion of other project requirements as it targets to deliver the committed capacity to the Visayas grid on time.
The company intends to start commercial operations by yearend.
In February 2025, the company said it sealed a deal with Japan-based Renova, Inc. to build a P5-billion wind farm in Batangas province. It hopes that with this project, Basic Energy would become a key player in the local renewables market.
Meanwhile, the GEA-4 was concluded late last year. The projects under this round involve technologies like ground-mounted, roof-mounted and floating solar; onshore wind and integrated solar with energy storage systems.
This government initiative is meant to expand renewables’ share in the power generation mix to 35 percent by 2030 from 22 percent at present.
Earlier this week, the Department of Energy (DOE) disclosed its findings on its crackdown against unserious developers with government contracts.
For 2024 to 2025, a total of 163 contracts had been terminated. These cover solar, biomass, geothermal, hydro and wind technologies.
The affected deals involved nearly 18,000 MW of committed capacity. The bulk of these was solar photovoltaic at 12,271 MW.
Out of this, 33 contracts were with Solar Philippines, led by politician Leandro Leviste.
“What we want are legitimate investors, that’s why we’re cleaning it out,” Energy Secretary Sharon Garin said.
To prevent this series of inactive renewable projects, the DOE is set to impose tougher rules, including the possibility of banning noncompliant developers.
