Basic Energy eyes start of phases 2, 3 of Myanmar project next year

By Jordeene B. Lagare – October 28, 2019
from The Manila Times

BASIC Energy Corp. intends to begin building the next two phases of a solar power facility in Myanmar early next year after recently completing the first one. During the company’s annual stockholders’ meeting last week, Basic Energy President and Chief Executive Officer Oscar de Venecia Jr. said the target was to start constructing the solar plant’s second and third phases — with a total capacity of 100 MW — in the first quarter of 2020. The first, which has a 50-MW capacity, was finished in September, while the fourth is yet to begin. Full completion of the four phases was targeted on or before 2022. Once finished, the P160.52-million project, is expected to generate more revenues for the company. Basic Energy shares dropped by 3 centavos or 1.20 percent to close at 24 centavos each on Friday.