Basic Energy Corp. is partnering with a Barcelona-registered energy company for its maiden hydropower projects in the country.

“Basic Energy recently signed a memorandum of understanding with From Energies International Ltd., a company registered under the laws of Barcelona, Spain, for a joint development of business opportunities for Basic’s hydropower projects,” the company reported yesterday.

Basic Energy currently holds four hydropower service contracts in Negros Occidental. The service contracts were awarded by the Department of Energy (DOE) earlier this year.

“From Energies International will seek to explore and identify sources for the funding and technical expertise requirements of said projects, through its networks in the international energy business,” the company said.

Based on initial assessments, Basic Energy plans to build four small-scale hydro power projects in Negros Occidental which will have a combined capacity of 9 megawatts (MW).

Among the projects being lined up are a 2-MW Puntian 1 hydropower project, 2-MW Puntian 2 hydropower project, 3-MW Malogo 2 hydropower project, and a 2-MW Talabaan hydropower project.

The projects will be Basic Energy;s maiden venture into hydropower development. The firm at present has several geothermal projects in the works in Sorsogon, East Mankayan in Benguet, Mt. Iriga in Camarines Sur, Mariveles in Bataan, and Mabini in Batangas.

The firm will invest $27 million for the hydro projects given that benchmark investment for hydro facilities is currently placed at $3 million per megawatt. A hydro project takes three to five years to develop according to the DOE.

Source: http://www.malaya.com.ph/business-news/business/basic-partners-spanish-firm-hydropower