LISTED renewable energy (RE) firm Basic Energy Corp. (BEC) has earmarked up to P300 million to finance the pre-development activities for its renewable energy projects in the pipeline over the next two to three years.
“For the ongoing projects, plus maybe pre-development on the others, we’re looking somewhere around 300 million in the next two to three years,” BEC President and Chief Executive Officer Oscar L. De Venecia, Jr. told reporters on Wednesday.
Mr. De Venecia said the company is pursuing three solar power projects with a combined potential capacity of around 150 megawatts (MW).
BEC is in full swing with its other ongoing solar projects in Bataan, Negros Occidental, and Pangasinan, according to the company.
These include the 60.5-megawatt peak (MWp) Mariveles Solar Power Plant in Bataan, the 43.41-MWp Cadiz 1 Solar Power Plant in Negros Occidental, and the 46.993-MWp solar project in Pangasinan.
In the onshore wind space, Mr. De Venecia said the company has completed the wind resource assessment and permitting process for the Mabini Wind Energy Project, which is expected to generate 50 MW.
The project is being developed under a joint venture with Renova, a publicly listed renewable energy company in Japan.
Slated for commissioning by the second half of 2028, the wind farm is expected to generate approximately 199 gigawatt-hours annually, enough to serve around 61,400 households.
BEC is also conducting pre-development activities for the Panay Wind Energy Project, which straddles the municipalities of San Joaquin in Iloilo and Hamtic in Antique. The company said the wind site may accommodate an installed capacity of up to 194 MW.
“While recent years have posed some challenges, we are confident in the direction we are taking… With several key projects now underway, we believe the future of Basic Energy is brighter than ever,” Mr. De Venecia said at a recent annual stockholders’ meeting.
BEC is aiming to build a 1-gigawatt renewable energy portfolio by 2030. — Sheldeen Joy Talavera
