Basic Energy earmarks P1.9B for 43-MW solar project in Negros

LISTED Basic Energy Corp. is allocating around P1.9 billion for the development of a 43.41-megawatt alternating current (MWac) solar power project in Cadiz City, Negros Occidental.

In a disclosure on Thursday, the company said it received a certificate of award from the Department of Energy (DoE) following its successful bid in the fourth round of the green energy auction (GEA-4).

GEA-4 projects cover technologies such as ground-mounted, roof-mounted, and floating solar; onshore wind; and integrated solar with energy storage systems.

“With the receipt of the certificate of award, the company is advancing the completion of the remaining project requirements, including the execution of the necessary agreements, in preparation for the development and delivery of the project to the Visayas grid,” Basic Energy said.

The solar project is slated to begin commercial operations on or before the end of the year.

Basic Energy Chief Executive Officer Oscar L. de Venecia, Jr. said construction has not yet started, as the company is completing remaining pre-development requirements. The start of construction will follow once these requirements are finalized, in line with the project’s overall development timeline. 

“The company is mindful of the project’s delivery commitment and is managing the development work accordingly. However, construction will only commence after the remaining pre-development requirements are completed,” he said.

Last year, he said the company allocated up to P300 million to finance pre-development activities for its renewable energy projects over the next two to three years.

Basic Energy is pursuing three solar projects with a combined potential capacity of around 150 MW and aims to build a 1-gigawatt renewable energy portfolio by 2030.

At the local bourse on Thursday, shares of the company rose 8.06% to close at P0.134 per share. — Sheldeen Joy Talavera