LISTED Basic Energy Corp. is moving forward with the event of a P1.9-billion solar farm in Cadiz, Negros Occidental after finalizing agreements with a supplier and contractor for the project.
Basic Energy Cadiz 1 Corp., a subsidiary of Basic Energy, has signed engineering, procurement, and construction (EPC) agreements with Raynergy Engineering Co., Ltd. and TBEA Subic, Inc. for the 43-megawatt (MW) solar farm, the corporate said in an announcement on Thursday.
Raynergy will supply materials for the project, while TBEA Subic will serve because the onshore contractor.
“The finalization of those EPC agreements serves as the first catalyst for the subsequent phase of development,” Basic Energy said. “With the partners officially on board, early works shall begin on the project site in Cadiz, Negros Occidental, as soon as possible.”
The event follows the corporate’s receipt of a certificate of authority from the federal government two months ago.
The project was among the many winning bids under the fourth green energy auction (GEA-4) held in 2025.
The solar facility is scheduled to start business operations on or before the yearend.
“Basic Energy Cadiz 1 Corp. has full faith and confidence in our chosen EPC partners. With our successful GEA-4 bid in place, and as we move into the early works phase, we’re fully committed to making sure this 43-MWac (alternating current) project contributes to the national grid on schedule,” Basic Energy Chief Executive Officer Oscar L. De Venecia, Jr. said.
Last yr, the corporate said it earmarked as much as P300 million to fund pre-development activities for its renewable energy projects over the subsequent two to 3 years.
Basic Energy is developing three solar projects with a combined potential capability of about 150 MW and goals to construct a 1-gigawatt renewable energy portfolio by 2030. — Sheldeen Joy Talavera