LISTED Basic Energy Corp. is moving forward with the development of a P1.9-billion solar farm in Cadiz, Negros Occidental after finalizing agreements with a supplier and contractor for the project.
Basic Energy Cadiz 1 Corp., a subsidiary of Basic Energy, has signed engineering, procurement, and construction (EPC) agreements with Raynergy Engineering Co., Ltd. and TBEA Subic, Inc. for the 43-megawatt (MW) solar farm, the company said in a statement on Thursday.
Raynergy will supply materials for the project, while TBEA Subic will serve as the onshore contractor.
“The finalization of these EPC agreements serves as the primary catalyst for the next phase of development,” Basic Energy said. “With the partners officially on board, early works shall begin at the project site in Cadiz, Negros Occidental, as soon as possible.”
The development follows the company’s receipt of a certificate of authority from the government two months ago.
The project was among the winning bids under the fourth green energy auction (GEA-4) held in 2025.
The solar facility is scheduled to begin commercial operations on or before the yearend.
“Basic Energy Cadiz 1 Corp. has full faith and confidence in our selected EPC partners. With our successful GEA-4 bid in place, and as we move into the early works phase, we are fully committed to ensuring this 43-MWac (alternating current) project contributes to the national grid on schedule,” Basic Energy Chief Executive Officer Oscar L. De Venecia, Jr. said.
Last year, the company said it earmarked up to P300 million to fund pre-development activities for its renewable energy projects over the next two to three years.
Basic Energy is developing three solar projects with a combined potential capacity of about 150 MW and aims to build a 1-gigawatt renewable energy portfolio by 2030. —Sheldeen Joy Talavera
