Filipino firm Basic Energy Corporation is advancing into its hydropower projects by tapping a Spanish co-venturer, being its most recent implementation milestone.
The company disclosed to the Philippine Stock Exchange (PSE) that it recently inked a memorandum of understanding with Barcelona-based From Energies International Limited “for a joint venture development of business opportunities for hydropower projects.”
The Filipino firm indicated that From Energies International “will seek to explore and identify for the funding and technical expertise requirements” of the hydro projects which are under the service contracts of Basic Energy.
It was noted that the Spanish partner can leverage on this project fund sourcing through its “networks in the international energy business.”
Four hydro projects are so far in Basic Energy’s investment blueprint, namely: The 2.0-megawatt capacity each Puntian 1 and 2 projects; 3.0-MW Malogo 2; and 2.0MW Talabaan prospects which are all located in Negros Occidental.
Company officials have previously apprised media that their next focus of energy investments will be in renewable energy; while also pursuing other ventures in upstream oil and gas segment including overseas opportunities.
Basic Energy actually applied for 10 hydro service contracts, but the rest are still awaiting final approval and award by the Department of Energy.
The initial four hydro projects were allowed non-extendible pre-development phase of two years from declaration of effective date.
If these will eventually be held for commercial development, the contract term will be for a period of 25 years and can be extended on mutual assent of relevant parties.
The development sphere of project implementation will cover the construction, installation, operation and maintenance of hydropower systems.
Basic Energy executives earlier indicated that they will avail of the incentives being extended under the Renewable Energy (RE) Law.
Source: http://www.mb.com.ph/basic-energy-gets-spanish-partner/
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