Basic Energy Corp. said Monday it teamed up with solar power developer nv vogt Singapore Pte. Ltd. in line with its goal to develop alternative energy sources.
Basic Energy said the agreement with nv vogt covered the development of solar power projects in San Fabian and Bolinao, Pangasinan and other sites deemed ideal for solar power development.
Under the memorandum of understanding, signed by Basic Energy president Oscar De Venecia Jr. and nv vogt president Vivek Chaudhri, the two companies would conduct due diligence aimed at getting the initial solar project off the ground in BEC’s property in San Fabian, Pangasinan.
The property has a total lot area of 17.8 hectares, with the first phase expected to yield 10 megawatts-peak.
Basic Energy said it was charged to secure all the necessary local and national government permits required for the project, starting with the filing of a letter of intent with the Energy Department.
Earlier this year, nv vogt switched on a 6.25-MWp solar plant operating under a bilateral power purchase agreement with SoCoTeco-1 in Koronadal, South Cotabato, the first PPA signed in the Philippines.
Armstrong Asset Management committed to provide $29 million to fund the construction of a series of solar power projects in the Philippines under the auspices of nv vogt.
Basic Energy said it was preparing for the drilling of the first well in Geothermal Service Contract No. 8 in Mabini, Batangas in May this year. Initial studies pegged the resource at a minimum 20 MWp.