MANILA -- Basic Energy Corp. (BEC) has signed deals for the purchase of 15-percent stakes in Thailand-based engineering, procurement and construction (EPC) firms, marking its foray into solar energy projects abroad.
In a disclosure, BEC on Wednesday said it recently signed share purchase agreements and shareholders’ agreement with Meta Corporation Public Company Limited (META) covering its purchase of equity in Vintage EPC Company Limited (VEPC) and VTE International Construction Company Limited (VINTER).
The company said the shares transfer will take effect this July 2.
“The equity investments of the company in these companies are projected to provide the company with a steady source of revenue in the immediate term,” it said.
VEPC and VINTER are the EPC supplier and the EPC construction service contractor, respectively, for a 220-megawatt solar power plant located in Minbu District in Magway Region, Myanmar.
The owner-developer of the solar power project is Green Earth Power (Myanmar), who holds the power purchase agreement with the Myanmar’s energy and power ministry.
The project will be completed in four phases of 50 MWs for Phases 1, 2 and 3 and 70 MWs for Phase 4. Phase 1 is targeted for completion by the first quarter of 2019.
The subsequent phases shall be pursued after completion of earlier phases, to achieve full completion of the four phases on or before 2022.
BEC said it has been exploring opportunities in various fields of renewable energy in the Philippines and in Asia in line with its goal to be a major renewable energy and power company.
“The company continues to pursue its geothermal energy projects, while opportunities in other renewable energy projects, such as solar, wind and biomass energy, are currently undergoing due-diligence studies and work,” it added. (PNA)
