MANILA, Philippines–Listed firm Basic Energy Corp. has tied up with a company registered in Spain for the joint development of domestic hydropower projects.
In a disclosure to the Philippine Stock Exchange, Basic Energy said it recently signed a memorandum of understanding with From Energies International Ltd.—a company registered in Barcelona, Spain.
“From Energies International will seek to explore and identify sources for the funding and technical expertise requirements of said projects through its network in the international energy business,” Basic Energy said without specifying the amount of funding needed.
The Filipino company’s hydropower projects are covered by 25-year service contracts awarded by the Department of Energy (DOE).
In February, the DOE approved the contracts for Basic Energy’s 2-megawatt (MW) Puntian 1, 2-MW Puntian 2, 3-MW Malogo 2 and 2-MW Talabaan hydropower projects. All are located in Negros Occidental.
Under the service contracts, Basic Energy will explore and develop the renewable energy resources in approved areas over a two-year pre-development stage. The applicable contract will be valid for 25 years from the day commercial operations will begin.
The service contracts cover the construction, installation, operation and maintenance of systems that will convert hydropower to electrical power, and its transmission, the company said in a previous disclosure.
Aside from developing hydroelectric power, Basic Energy has also obtained government permission to develop geothermal resources in Batangas, Benguet, Camarines Sur and Sorsogon.