MANILA, Philippines — Listed Basic Energy Corp. (BEC) is investing around P300 million in the medium-term to finance the rollout of its renewable energy projects across the country.
In an interview, BEC president and CEO Oscar de Venecia said the funding would be used to advance the company’s solar and wind projects over the next two to three years.
He said BEC is also actively negotiating with prospective partners to help bankroll its development pipeline.
“While recent years have posed some challenges, we are confident in the direction we are taking… With several key projects now underway, we believe the future of Basic Energy is brighter than ever,” De Venecia said at a recent annual stockholders’ meeting.
In the onshore wind space, BEC’s flagship Mabini Wind Energy Project has completed resource assessment and permitting stages, with preliminary engineering design and feasibility studies now in full swing.
The project’s initial phase is expected to produce 50 megawatts (MW) of clean energy, enough to power more than 61,000 households annually.
“We are in the final stages of securing our interconnection agreement with NGCP (National Grid Corp. of the Philippines) and expect this to be concluded within the current quarter,” De Venecia said.
Developed in partnership with Japan’s Renova, the Batangas project is targeted for commercial operations by the second half of 2028.
Another promising development in the pipeline is BEC’s Panay Wind Energy Project straddling Iloilo and Antique.
The project is currently in the pre-development stage, De Venecia noted.
For solar, meanwhile, BEC has made significant strides in advancing its projects in Bataan, Negros Occidental and Pangasinan.
These projects include the 60.5-MW Mariveles Solar and the 43.4-MW Cadiz 1 Solar. Both projects are slated for commissioning by early 2027.
“We are now entering a period of visible, measurable advancement. Basic Energy is no longer just planning for the future – we are building it,” De Venecia said.
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