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
The Philippine Stock Exchange (PSE) reported that capital raised at the bourse was at a record high of P150.01 billion in the first half of 2018. The amount raised in the first six months was 40.5 percent higher than the P106.74 billion recorded in the same period last year. The capital raising activities from January…read more
BASIC ENERGY Corp. has not given up on its service contracts to explore five areas in the Philippines for their potential capacity for geothermal energy. “We don’t have any intentions of letting go of it [geothermal service contract] because we believe that that’s still the future,” Basic Energy President and Chief Executive Oscar L. de…read more