December 8 (Renewables Now) – Philippine publicly listed holding company Basic Energy Corporation (BEC) plans to acquire a stake of at least 10% in a 25-MW biomass power plant in Japan’s Saga Prefecture.
BEC has signed a term sheet for the proposed transaction with Vintage Holding Japan Co Ltd (VHJ), which has the full executive rights to the plant, in turn wholly-owned by Innocent Biomass Power GK.
This non-binding pact gives BEC the exclusive rights to negotiate a formal deal. The company said it aims to conclude a due diligence process on the asset in 60 days, but may ask for an extension. If the process is successful, the parties expect to sign a definitive deal on or before June 30, 2018.
The stake that could be purchased by BEC may be increased to 20%, it said
Philippine-listed energy developer Basic Energy Corp announced that it will acquire 15 per cent stake in Thai engineering and construction firms Vintage EPC Co Ltd (VEPC) and VTE International Construction Co Ltd (VINTER) in the next two months. In a disclosure to the Philippine Stock Exchange, Basic Energy said, it will purchase 7.5 million shares…read more
De Venecia-led Basic Energy Corp. is targeting to seal a deal by April to invest in two Thai firms that clinched the contract for a 220-megawatt (MW) solar power plant project in Myanmar. Basic Energy said on Tuesday the share purchase agreement was targeted to be signed within next month and the shareholders’ agreement in…read more