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Manila Bulletin devider Business devider Trade & Industry devider Basic Energy seeking ₱300-million financing for ongoing RE projects

Basic Energy seeking ₱300-million financing for ongoing RE projects

Published Jul 24, 2025 11:09 am
Basic Energy Corp. (BEC) is accelerating the expansion of its renewable energy (RE) portfolio, boosting investments to support the development of its solar and wind power projects.
During BEC’s annual stockholders’ meeting (ASM) on Wednesday, July 23, Oscar de Venecia Jr., president and chief executive officer (CEO), shared the company’s plans to scale up its renewable investments through different partnerships, private placements, and potential investors.
“For the ongoing projects plus maybe [pre-development] on the others, we’re looking at around ₱300 million in the next two to three years,” he told reporters.
On top of ongoing solar and wind projects, De Venecia said that this budget would encompass new solar and wind projects, including BEC’s Mabini wind energy project in Batangas.
According to the BEC chief, Mabini wind’s initial phase is set to generate 50 megawatts (MW), with targets to complete commercial commissioning by the second half of 2028.
“We’re planning to do wind assessments in San Joaquin in Iloilo, plus preliminaries for the offshore [wind] and then solar,” he added.
Apart from its ongoing pre-development works for Panay wind project in Iloilo, BEC has disclosed pipeline wind ventures through its “nearshore” wind projects located in Ilocos Norte and Calatagan, Batangas.
“We actually were able to secure last 2023 two service contracts with the DOE (Department of Energy). Ilocos [Norte] and Batangas are what we call nearshore. It’s still offshore, but not that far away that it’s considered nearshore,” he said.
During the ASM, De Venecia shared the latest developments on BEC’s renewable assets, such as the 60.5-MW-peak (MWp) Mariveles solar plant to be commissioned by early 2027 after receiving a certificate of authority (COA) from the DOE, permitting it to connect to the main grid via a substation.
The 43.1-MWp Cadiz 1 solar plant in Negros Occidental is also targeted for commissioning by early 2027, while the 46.993-MWp Bolinao solar project in Pangasinan will be connected to Pangasinan I Electric Cooperative (PANELCO I) once approved by National Grid Corp. of the Philippines (NGCP).

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