Philippines’ Basic Energy eyes minority stake in Japanese biomass plant

December 8, 2017

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


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