Local energy project developer Basic Energy Corp. said it has secured a certificate of authority (COA) from the Department of Energy for its planned 62 megawatts (MW) solar power project in Mariveles, Bataan.
The document allows the firm to secure necessary permits and tenure instruments required for the project, Basic Energy said in a disclosure to the Philippine Stock Exchange on Wednesday.
The certificate also allows the company to initiate procurement activities ahead of the 25-year contract term of its previously secured Solar Energy Operating Contract.
“With the COA secured, Basic Energy Corp. will now move forward with the next steps in the development process. This includes obtaining approvals from relevant national agencies and local government units, as well as conducting a System Impact Study in collaboration with the National Grid Corporation of the Philippines,” the company said.
Apart from this solar project, Basic Energy, through RDG Wind Energy Corp., its joint venture firm with Japanese Renova Inc., is also developing a wind power plant with an initial capacity of 50 MW in Mabini, Batangas.
Basic Energy said before the project is likely to need a total of P4.5 billion to be completed, with Renova likely to lead fund raising activities from both local and international banks and financing institutions apart from infusion from both parties.
The company is also currently involved in oil exploration apart from geothermal resource developments and electric vehicle charging.
In a separate disclosure, Basic Energy also clarified its involvement in the developments of the reported pulling out of France-based petroleum firm TotalEnergies’ operations in the Philippines.
The company said that “without breaching the confidentiality agreement executed by the concerned parties,” it can only share that the Total brand will stay in the country but will now be only under a franchise agreement and not directly managed by the multinational company.
Basic Energy said it was informed of the said development as it has stakes in Filoil Energy Company Inc. under the Filoil Group of Companies.
The company said that another company under Filoil, specifically, Filoil Philippines Corp., is the one that is connected with Total and is the entity that will now be “taking the lead in continuing the Total brand and business operations under Total Philippines Corp. [but] TotalEnergies will remain the franchisor of the brand and business.”
Basic Energy said it has also been assured that the transition into a franchisee setup has no material effect or impact on its business and operations.
