Basic, Energy 2035 ink renewable energy pact

Publicly listed Basic Energy Corp. and Energy 2035 Ltd. of Australia have forged an agreement to jointly explore business opportunities in the renewable energy sector.

In a disclosure to the Philippine Stock Exchange, Basic Energy said the memorandum of understanding with Energy 2035 will allow both parties to “engage jointly in developing business opportunities in the development of renewable energy in the Philippines and outside of their respective territorial areas.”

“The memorandum of understanding is nonexclusive and nonspecific to a project but will seek to identify opportunities that may be of interest to both parties using networks in the Philippines and in the international energy business,” Basic Energy explained.

Energy 2035 is an Australian company engaged in the development of renewable energy in Australia, New Zealand and the Asia-Pacific region.

Basic Energy earlier signed similar agreements with Thailand-based financial advisory firm Altus Transactional Services and Prime Energy Consult Ltd., a company registered in the British Virgin Islands.

Altus, which provides financial advisory and strategic development services worldwide, will seek to identify third parties with financial capabilities to invest in mutually identified projects, either on an equity basis or via project financing.

The move of Basic Energy to pursue the development of renewable energy resources dovetails with the goals of the Department of Energy, which seeks to ensure national energy security by harnessing indigenous resources.

Its goal is to push for a three-fold increase in the use of renewable energy resources to over 15,000 megawatts within 20 years, with expected investments seen reaching a trillion pesos. Amy R. Remo