Basic Energy Corp. is set to participate in four renewable energy projects across Asia in line with its plans to expand its portfolio locally and internationally.
In a disclosure to the Philippine Stock Exchange, the company received a go-signal from its board to acquire stakes in developments in Japan, Myanmar, and Thailand.
Basic Energy was approved to take a 10 percent equity investment in a 14 – megawatt (MW) solar project of the Solmax Power Limited in Japan.
The equity investment is subject to the satisfactory results of the full due diligence on the project, which is expected to be completed next month,” the firm said.
The company was also cleared to acquire 10 percent – and with the option to increase it to 20 percent – in a 25 MW biomass power plant project with Vintage Holdings Japan as a major shareholder.
Meanwhile, Basic Energy was also given a check on the 49 percent equity investment in V.O Net Biodiesel Asia Company Limited that operates a 1.2 MW solar plant in Kalisin, Thailand.
A 12.5 percent investment in Vintage EPC Company Limited and Vintage International Construction Company for a 220 MW solar power plant project in Minbu, Myanmar was also approved.
The company will make a refundable deposit in order to claim its exclusive right to negotiate and finalize the terms of the investment.
“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 firm said.