Basic Energy to invest in RE projects abroad

BEC earlier made a refundable deposit of 50 million Japanese yen, which allowed the company to conduct due diligence on Solmax and its solar power plant project. (Shutterstock photo)

MANILA — Publicly-listed holding firm Basic Energy Corp. (BEC) is investing in four renewable energy projects in Japan, Myanmar and Thailand as part of its overseas expansion.

“The investments are seen to provide Basic Energy with revenue streams off projects with fast turnaround times,” it told the local bourse.

BEC’s Board approved the 10-percent equity investment in Solmax Power Limited based in Hong Kong, the investor company in a 14-megawatt solar power plant project located in Japan.

BEC earlier made a refundable deposit of 50 million Japanese yen, which allowed the company to conduct due diligence on Solmax and its solar power plant project.

“The equity investment is subject to satisfactory results of the full due diligence on the project, which is expected to be completed next month,” it said.

The company also approved a 10-percent equity investment in the investing company of a 25-MW biomass power plant project in Japan. Vintage Holdings Japan is a major shareholder in the investing company.

Basic Energy has been granted the option to increase its stake to 20 percent.

Its Board likewise gave the green light for the investment term sheet covering a 49-percent equity investment of the company in V.O. Net Biodiesel Asia Co. Ltd (VONet), the company which currently operates a 1.2-MW solar power project located in Kalisin, Thailand.