Listed power firm bent on boosting RE portfolio

Publicly listed Basic Energy Corp. is aggressively pursuing its renewable energy business as it seeks service contracts for geothermal concession areas and for run-of-river mini-hydropower projects.

In a regulatory filing, Basic Energy reported that it had filed an application before the Department of Energy for geothermal energy service contracts covering four prospective areas in the country and which have been classified as frontier areas. It likewise submitted letters of intent for run-of-river mini-hydro areas in Negros Occidental.

“The company is now focused on business opportunities for the development of alternative fuels and renewable energy, such as hydropower generation, biodiesel production, biomass to power projects and other areas with good business potentials, as it continues to pursue its core business in the oil and gas exploration and development,” Basic Energy explained.

Last year, Basic Energy forged an agreement with Australian firm Energy 2035 Ltd. to further develop and expand its portfolio of prospective renewable energy projects in the country.

The memorandum of understanding with Energy 2035 allowed 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 move of Basic Energy to pursue the development of renewable energy resources dovetails well with the Department of Energy’s energy security goals by harnessing indigenous resources.

The goal is to push for a three-fold increase in the use of renewable energy resources to over 15,000 megawatts over a 20-year period, with expected investments seen to reach P1 trillion.