Basic Energy eyes wind project

By Jordeene B. Lagare – October 25, 2019
from The Manila Times

BASIC Energy Corp. has signified its interest to build a wind power project in Luzon, according to its official.

During the annual stockholders’ meeting held on Wednesday, Basic Energy President and Chief Executive Officer Oscar de Venecia Jr. reported that the listed firm is in initial discussions for a possible development of a wind farm project.

Basic Energy, he said, submitted a letter of interest to the Department of Energy (DoE) last month to undertake a wind project in the region.

“Initial field visit indicated good potential and justified setting up of a wind mast in selected areas. Your company (Basic Energy) has identified certain foreign technical and equity funders, as partners for this project,” he added.
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In an interview, de Venecia revealed the wind project in Luzon is being finalized, with the capacity ranging from 40 to 50 megawatts (MW). Constructing the facility could cost around $1.5 million per MW.

De Venecia told reporters the company’s business development group is still evaluating whether the data they gathered and their forecasts will prompt them to apply for a service contract with the Energy department.

“We still also have to talk to our partners,” he added.

Basic Energy has to attend meetings with the agency should the firm proceed with the application for a service contract.

“Then, we sit down with them and start negotiating the terms and conditions… nasa side na namin iyan (it is on our side) when we decide to apply for the service contract,” de Venecia said.

Basic Energy is a holding company with interests in different fields of renewable energy and alternative fuels, and oil and gas exploration and development.

The firm has other geothermal contracts in Mariveles, Bataan; Iriga, Camarines Sur and Albay; and West Bulusan, Sorsogon.

Basic Energy shares fell by 2 centavos or 7.41 percent to close at P0.25 each on Thursday.