Basic Energy creates RE unit

MANILA, Philippines — Basic Energy is going full swing with its push for clean energy with the creation of a new renewable energy unit.

Basic Energy, in a stock exchange filing, said its board approved the incorporation of Basic Renewables Energy Corp.

“This new subsidiary of Basic Energy will operate the e-charging/solarization project, presently being handled by the parent company,” Basic Energy said.

Basic Renewables will have an authorized capital stock of P40 million, subscribed capital stock of P10 million, and paid-up capitalization of P2.5 million.

Last August, Basic Energy signed an asset swap transaction with Meta Corp. Public Co. Ltd. of Thailand for its 15 percent equity investments in Vintage EPC Co. Ltd. and VTE International Construction Co. Ltd., two Thailand-based companies which were involved in the construction of a 220-megawatt solar plant in Myanmar.

The equity investments in the two companies will be exchanged for 63,450 units of PV modules (solar panels) and 4,250 sets of PV connectors.

The solar panel units will be used by Basic Energy for its solarization projects.

The company has also earlier teamed up with French-multinational oil company Total and independent players such as EcoOil and Filpride-USA88 for its initial solarization and e-transport project.

The solarization of 1,500 retail stations coupled with complementary operation of 3,000 electric buses is envisioned by the company as part of its Green Energy E-Transport Project.

Under the project, the company is installing solar panels in the gas stations where energy could be stored in power storage and charging facilities that will power up e-buses.