LOCAL energy project developer Basic Energy Corp. said it plans to raise to P300 million over the next two to three years for pre-development works and other activities required for its planned renewable energy (RE) projects.
Oscar De Venecia Jr., Basic Energy president and chief executive officer, told reporters on the sidelines of a corporate event in Taguig City late Wednesday that solar and wind are among RE technologies they are putting up now.
“Right now, we’re negotiating. We’re conducting due diligence on the sites we’re considering. I can’t disclose the sites right now because we signed an NDA (non-disclosure agreement) with the landowners and everything,” De Venecia said.
Basic Energy added that the amount can be raised through different means, including possible partnerships.
“We’re talking to some companies willing to partner with us in the projects,” De Venecia added, saying they “can be private placement and partners, technical and financial partners.”
Solar projects currently being developed by Basic Energy include the 60.5 megawatts (MW) Mariveles plant in Bataan, the 43.41 MW Cadiz 1 facility in Negros Occidental, and the 46.993 MW plant in Bolinao, Pangasinan.
For wind technology, the company is preparing for the 50 MW Mabini wind energy project in Batangas as well as a similar facility in San Joaquin, Iloilo, with the area capable of supporting a project that can produce between 155 MW and 194 MW.
De Venecia said they are also eyeing nearshore and offshore wind development projects in Calatagan, Batangas, and in Ilocos Norte.
“With the DOE’s (Department of Energy’s) recent issuance of permitting and consenting guidelines for offshore wind, we are preparing to initiate the required regulatory processes to advance these strategic initiatives,” he explained. Apart from solar and wind energy projects, the company is also currently involved in oil exploration, as well as stakes in geothermal resource development and an electric vehicle fleet.
