Basic Energy to make first foray overseas
Basic Energy Corp. is investing in four renewable energy projects in Japan, Myanmar, and Thailand after getting clearance from its board.
The De Venecia-led oil company said it would acquire a 10 percent stake in Solmax Power Ltd subject to the results of a due diligence study.
Solmax is developing a 14-megawatt solar power plant in Japan.
Basic Energy was also cleared to take a 10 percent equity investment—with an option to increase to 20 percent, in a 25-MW biomass power plant project in Japan and a 49 percent buy-in in V.O. Net Biodiesel Asia Co. Ltd., which operates a 1.2-MW solar power plant in Kalisin, Thailand.
It is also set to purchase a 12.5 percent stake in Vintage EPC Co Ltd. and Vintage International Construction Co , which has bagged the engineering, procurement, and construction contract for the 220-MW solar power plant project in Minbu, Myanmar.
“Basic Energy’s participation in the aforementioned projects is in line with its thrust to expand its portfolio of renewable energy projects in the Philippines and abroad. The investments are seen to provide Basic Energy with revenue streams off projects with fast turnaround times,” the listed company said.