By Sheldeen Joy Talavera, Reporter
BASIC ENERGY CORPORATION, a listed company focusing on renewable energy (RE) and alternative fuels, aims to develop 500 megawatts (MW) of wind and 500 MW of solar energy projects by 2030, according to its chief executive officer (CEO).
“In the next five years, [we aim] to build a portfolio of around 500 megawatts in wind and around close to 500 or 500 megawatts also in solar,” Oscar L. de Venecia, Jr., vice-chairman and CEO of Basic Energy, said in an interview with BusinessWorld.
Currently, the company is developing a 50-MW wind power project in Mabini, Batangas, through the joint venture company RDG Wind Energy Corp.
Basic Energy recently finalized its joint development and shareholders’ agreement with Japanese renewable energy developer Renova, Inc.
The P5-billion wind farm spans 4,860 hectares of land in Mabini, Batangas. It is slated for completion and commissioning as early as 2028.
The Department of Energy awarded the wind energy service contract for the project to the company in 2021.
Asked about expansion plans for the project, Mr. De Venecia said increasing its capacity is possible but that the company will focus first on ensuring the project becomes operational.
“Based on what we’re seeing from the results of the wind resource assessment that was done, I think there is significant room for expansion. I think there’s still ample space on the ridges or the top to merit such expansion, but right now, our main concern really or our main thrust is to get the 50 MW up and running,” he said.
“Along the way, or once we get that 50 MW up and running, then we will make the necessary call on whether or not to expand,” he added.
After the Batangas project, the company’s next focus is developing an onshore wind project in Panay Island with a potential capacity of up to 200 MW.
“We will be commencing the wind resource assessment as soon as we have obtained a favorable system impact study from NGCP (National Grid Corp. of the Philippines). Once we have established that connectivity, we will go full swing already with resource assessment,” Mr. De Venecia said.
The company is also looking to develop nearshore wind power projects with a potential capacity of up to 150 MW in Calatagan, Batangas, and up to 100 MW in Pasuquin, Ilocos Norte.
Overall, the three wind power projects combined are estimated to cost around $760 million.
Regarding its other ventures, Mr. De Venecia said Basic Energy is in the process of applying for two solar power projects in Negros and Bataan with a combined capacity of 90 MW.
“We want to be a long-term participant in the energy sector. We have been here since the first discovery of oil in the Philippines. We were part of that. Now, things have changed, and people are looking at different [sources] now. We want to be a part of that. As we keep growing, we also want to see where we can participate in bringing newer technologies later on,” Mr. De Venecia said.
