Basic Energy Corporation (BEC) is looking at around PHP 1.5 billion in capital expenditures (CAPEX) for 2026 as it advances its renewable energy, energy storage, electric vehicle charging, and retail electricity supply projects.

In an ambush interview at the sidelines of the company’s Annual Stockholders Meeting on July 8, BEC Chief Executive Officer (CEO) Oscar de Venecia Jr. said spending for the remaining part of the year could reach close to PHP 1 billion.

He said most of the remaining 2026 spending would go to the Cadiz solar project, along with other pre-development work for the company’s project pipeline.

De Venecia said BEC is looking at project financing for its renewable energy projects, while the equity portion would come from internal sources linked to the company’s majority owner. He did not disclose the debt-to-equity split, citing ongoing negotiations.

The most advanced project in the company’s solar portfolio is the Cadiz 1 Solar Power Plant in Negros Occidental, which has a capacity of 54.26 megawatts-peak (MWp).

De Venecia said BEC is working to close project financing for Cadiz 1 before moving to the next stages, including finalizing the engineering, procurement, and construction (EPC) setup and offtake arrangements.

“As soon as we close the project finance, we will hit the ground running because we also have a delivery date in the Green Energy Auction that we need to meet,” de Venecia said.

Cadiz 1 is currently in its pre-construction phase and has secured key milestones, including its Solar Energy Operating Contract, land lease, and studies related to grid connection.

The company’s solar portfolio currently stands at 187.23 MWp across four projects. These include Cadiz 1, the 62.50-MWp Mariveles Solar Power Project in Bataan, the 47.00-MWp Bolinao Solar Power Plant in Pangasinan, and the planned 23.47-MWp San Carlos Solar Power Project in Negros Occidental.

De Venecia said BEC is pursuing a 1-gigawatt (GW) project portfolio under its 2030 plan, with a rough target of around 500 MW each from solar and wind.

He said the company’s current portfolio includes close to 200 MW in solar and around 450 MW in wind projects.

BEC’s wind portfolio stands at 449.99 MW across three projects. These are the 49.99-MW Mabini Wind Power Project in Batangas, the 200-MW Panay Wind Power Project in Iloilo and Antique, and the 200-MW Balayan Nearshore Wind Power Project in Calatagan, Batangas.

BEC is also expanding its electric vehicle (EV) charging business through its 50-50 partnership with AC Mobility. De Venecia said the company is targeting around 50 to 60 EV charging stations by the end of 2026 and 91 stations by the first quarter of 2027.

He said the EV charging rollout has a budget of close to PHP 300 million, although BEC will not shoulder the full amount because of its partnership structure with AC Mobility.

BEC is also preparing its retail electricity supply business through Basic Renewable Energy Solutions Corporation (BRESC), a wholly owned subsidiary. De Venecia said he expects the company’s Retail Electricity Supplier (RES) certification from the Energy Regulatory Commission (ERC) to be released soon.

He said BEC has already identified target customers for the RES business, including potential customers within the broader group’s accessible network.

The company’s 2026 CAPEX program follows its return to profitability at the parent company level in 2025.

De Venecia said the company is focused on moving its renewable energy projects “from paper to reality” as it works toward its 2030 growth plan.

Can Basic Energy turn its 2026 CAPEX program into operating renewable energy assets under its 2030 growth plan?

Follow Power Philippines on Facebook and LinkedIn or join our Viber community for more updates.