LISTED Basic Energy Corp. is allocating around P1.9 billion for the event of a 43.41-megawatt alternating current (MWac) solar energy project in Cadiz City, Negros Occidental.
In a disclosure on Thursday, the corporate said it received a certificate of award from the Department of Energy (DoE) following its successful bid within the fourth round of the green energy auction (GEA-4).
GEA-4 projects cover technologies corresponding to ground-mounted, roof-mounted, and floating solar; onshore wind; and integrated solar with energy storage systems.
“With the receipt of the certificate of award, the corporate is advancing the completion of the remaining project requirements, including the execution of the vital agreements, in preparation for the event and delivery of the project to the Visayas grid,” Basic Energy said.
The solar project is slated to start business operations on or before the tip of the yr.
Basic Energy Chief Executive Officer Oscar L. de Venecia, Jr. said construction has not yet began, as the corporate is completing remaining pre-development requirements. The beginning of construction will follow once these requirements are finalized, in step with the project’s overall development timeline.
“The corporate is mindful of the project’s delivery commitment and is managing the event work accordingly. Nonetheless, construction will only begin after the remaining pre-development requirements are accomplished,” he said.
Last yr, he said the corporate allocated as much as P300 million to finance pre-development activities for its renewable energy projects over the following two to 3 years.
Basic Energy is pursuing three solar projects with a combined potential capability of around 150 MW and goals to construct a 1-gigawatt renewable energy portfolio by 2030.
On the local bourse on Thursday, shares of the corporate rose 8.06% to shut at P0.134 per share. — Sheldeen Joy Talavera