Listed firm Basic Energy Corporation (BSC) has indicated plans to tap third party consultants that will aid the company in evaluating multiple prospects that it has been eyeing in the wind power development space.
In a disclosure to the Philippine Stock Exchange (PSE), the company stipulated it “intends to procure the services of third-party experts to qualify and make necessary recommendations on the hierarchy of potentials,” on its targeted wind farm installations.
Basic Energy emphasized that it presented to its board of directors “seven areas of interest for possible wind power development.”
The company, nevertheless, qualified that its prospect areas will still be subject to further assessments – primarily the evaluation of the project sites. The assessment process had been allocated a budget of P6,352,842.
“After further discussion and motion duly seconded, the Board of BSC resolved and confirmed their approval of the recommended budget for wind prospecting as presented,” Basic Energy stressed.
Around first quarter last year, the company announced the first wind energy service contract (WESC) that had been awarded to it by the Department of Energy (DOE) – that was for its planned 50-megawatt wind farm installation in Mabini, Batangas.
That particular RE service contract covers an area of 4,860 square meters of land, which became the subject of resource assessment of the company to tangibly gauge the actual wind energy potential of the targeted site.
The firm’s service contract has a five-year non-extendible pre-development stage for the wind project; and if the resource will be established viable for commerciality, the development stage will be for 25 years.
Apart from its investment in the renewable energy space, Basic Energy also made previous announcement that it will be venturing into electric vehicles (EVs) deployment, which is considerably another enticing investment proposition in the country’s energy transition paradigm.
The recently passed Republic Act 11697 or the Electric Vehicle Industry Development Act (EVIDA) is the enabling policy that EV investors have been leaning on to make this nascent industry a flourishing venture in the years to come – and that shall be underpinned by higher patronage of the Filipino consumers to electric mobility.