Basic Energy proceeds solar power expansion in Japan

Listed holding company Basic Energy Corp., together with its partner Solmax Power Limited of Hong Kong, will carry on with its overseas solar expansion beginning with Japan after the former signed the investment term sheet and remitted a refundable deposit worth ‎JP¥50M (roughly ₱22.74 M) “to trigger the due diligence work.”

The company said solar is the top choice given their fast turnaround time and Japan is being considered for its expansion after being invited by Solmax to take a look at its assets.

Additionally, Basic Energy is on the lookout for more solar investments, preferably in the Asian region.

Earlier, it has issued shares to Thai company Vintage Engineering Public Co. Ltd. with a nine percent controlling interest or an approved issuance of 392,092,829 shares.

“A resolution was submitted for the approval of the issuance of 392,092,829 shares to VTE, in addition to its existing subscribed shares of 43,565,870 shares, to enable the listing of said shares with the PSE (Philippine Stock Exchange),” it said.

According to Basic Energy Senior Vice President Anthony L. Cuayong, VTE has the option to raise its interest stake up to 25 percent directly upon mutual agreement.

This decision was given consideration due to the recent pronouncement by the government to decommission the Feed-in Tariff program.