Basic Energy Corp. (BEC) is laying the groundwork for a strategic shift toward nearshore and offshore wind development, with the company preparing to raise around USD 300 million to fund ongoing and future renewable energy (RE) projects over the next two to three years.

At the company’s annual stockholders’ meeting on July 23, President and CEO Oscar de Venecia Jr. said the funding would support both existing and pipeline projects, including the Mabini wind project in Batangas and new exploratory initiatives in Iloilo, Manila Bulletin reports.

“For the ongoing projects plus maybe [pre-development] on the others, we’re looking at around PHP 300 million in the next two to three years,” De Venecia told reporters.

Beyond its current solar and onshore wind portfolio, BEC is preparing to assess offshore wind potential, marking a significant evolution in its RE strategy. De Venecia said the company has secured two Department of Energy (DOE) service contracts in 2023 for “nearshore” wind projects in Ilocos Norte and Calatagan, Batangas.

“We actually were able to secure in 2023 two service contracts with the DOE. Ilocos [Norte] and Batangas are what we call nearshore. It’s still offshore, but not that far away that it’s considered nearshore,” he said.

The company is also exploring wind assessments in San Joaquin, Iloilo, alongside preliminary activities for other offshore and solar projects.

The Mabini wind project’s initial phase is expected to generate 50 megawatts (MW), with commercial operations targeted for the second half of 2028.

BEC also provided updates on its solar projects, including the 60.5-MW-peak (MWp) Mariveles plant in Bataan and the 43.1-MWp Cadiz 1 solar project in Negros Occidental, both scheduled for commissioning by early 2027. The 46.993-MWp Bolinao solar project in Pangasinan awaits NGCP approval for interconnection via the Pangasinan I Electric Cooperative (PANELCO I).

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