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


Latest News

Record P150-B capital raised in 1st half

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 says it won’t give up geothermal service contracts

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
View All Events