Basic Energy to spend P300M for renewables expansion
Basic Energy Corp. (BEC), which is focused on renewable energy and alternative fuels, plans to spend about P300 million to fund its expansion in the next two to three years.
Oscar de Venecia, president and CEO of the listed firm, said the capital would support projects that are either being built or in the predevelopment stages.
De Venecia said BEC is exploring potential partnerships with investors and other companies to help secure the budget.
“But really the way we want to look at it is through private placement and fund partners, technical and financial partners to come into the project,” he told reporters following the company’s annual stockholders’ meeting held in Taguig City.
With several projects underway, the CEO expressed confidence in the direction that the company is taking.
Its flagship Mabini onshore wind project was progressing well, De Venecia said. This was already done with the wind resource assessment and permitting stages.
The initial phase of the Mabini project involves 50 megawatts (MW) of power generation capacity. This phase is being developed with Japan-based renewable energy firm Renova.
Meanwhile, the group’s Panay wind energy project in Iloilo is currently in the predevelopment stage. Initial data showed that the site can support an installed capacity of 155 MW to 194 MW.
Other ongoing projects of BEC include the Mariveles solar power plant in Bataan, Cadiz-1 solar power plant in Negros Occidental and another solar park in Pangasinan.
De Venecia also said they are looking at three new solar energy projects. However, details on these were not disclosed as the company is still doing due diligence.
These three planned facilities, he noted, have a combined capacity of 150 MW.
BEC also has two service contracts with the Department of Energy. These are for wind projects in Ilocos and Batangas.
“We are focused on seeing these developments through to full operation,” De Venecia said.
