Basic Renewables Inc. (BRI), a subsidiary of publicly listed Basic Energy Corp. (BEC), will invest more in the renewable energy (RE) sector to increase the generated capacity of RE facilities to support the growth and deployment of electric vehicles (EVs) in the country.
The De Venecia-led Basic Energy will jumpstart RE projects once BRI completed its acquisition of the 60 percent stake in Filoil Energy Corp. of the Villavicencio group.
“With the impending investment of Basic Energy in Filoil Energy, the opportunity will open for BRI to serve as the bridge for the development of the integration of renewable energy sources in the downstream oil industry to support the expected growth of electric vehicles for public utilization,” the company said in a disclosure to the Philippine Stock Exchange.
BRI is chaired by Oscar S. Reyes, who previously served as president and CEO of Manila Electric Company (Meralco) and chairman of Shell companies in the Philippines. Reyes also served as board director of various major companies and conglomerates.
In Basic Energy’s view, Reyes “will be very instrumental in shaping the mission and vision of BRI, to make it a force to reckon with in the solar renewable energy space.”
Upon its completion of the Filoil shareholdings’ purchase, Basic Energy emphasized that its subsidiary-company BRI can be a viable partner in the country’s energy transition agenda.
“With thousands of retail stations nationwide and the recent push of the Philippine government to shifting towards more sustainable and greener energy, the potential business this will bring to Basic Energy is indeed highly promising,” the company stressed.
Other than its ventures under BRI, Basic Energy is also advancing a wind power project development in Batangas via its other subsidiary Mabini Energy Corporation (MEC), which is chaired by Reynaldo D. Gamboa.
MEC is a service contract holder of the planned 50-megawatt wind farm installation, which is already entering a wind resource assessment phase to determine the annual energy production that will dictate the actual capacity of the wind energy power plant.
Basic Energy said it will “propel its goal of becoming an instrument in the country’s drive for energy self-sufficiency through clean, efficient and reliable energy sources, through its subsidiaries BRI and MEC.”