In a regulatory filing on Friday, the firm said it has signed the investment term sheet and remitted a refundable deposit of ¥50 million to Solmax.
The move is “to trigger the due diligence work” to be done by the firm and it solar-powered projects in Japan.
The company has said it is scouting for solar power investments in the Asian region.
This, following the government’s decision to scrap the feed-in-tariff which are incentives granted for 20 years to energy players who will devote more investments in renewable energy, the more expensive power source.
Shares of Basic Energy traded flat on Friday at P0.265 apiece.
Source: http://www.bworldonline.com/content.php?section=Corporate&title=basic-energy-ties-up-with-solmax-power&id=148621
LISTED Basic Energy Corp. is set to begin processing the necessary permits for its proposed solar power project in Bolinao, Pangasinan, after securing a certificate from the government. In a regulatory filing on Thursday, Basic Energy said the Department of Energy (DoE) granted the company a certificate of authority (CoA) for its proposed solar energy…
read moreBasic Energy Corporation announced that the Department of Energy (DOE) has granted the company a Certificate of Authority (COA) for its proposed Solar Energy Operating Contract (SEOC) application for the Bolinao, Pangasinan Solar Power Project. The COA, issued under the revised Omnibus Guidelines Governing the Award and Administration of Renewable Energy (RE) Contracts effective June…
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