BASIC Energy Corp. said on Thursday that it had received the certificate of award for the Cadiz 1 solar power project following a successful bid during the fourth round of the Green Energy Auction Program (GEA-4).
The company was previously granted authority to act as the exclusive developer of the solar project.
The Cadiz 1 solar project, located in Cadiz City, Negros Occidental, is a 43.410-megawatt alternating current (MWAC) renewable energy project that will supply clean energy to the Visayas grid.
The project will be a significant addition to the region’s renewable energy capacity and supports the Philippines’ ongoing transition to sustainable energy sources.
As the winning bidder, Basic Energy is now advancing completion of remaining project requirements, including the execution of necessary agreements and compliance with all applicable terms and conditions of the GEA program.
The company emphasized its commitment to meeting these requirements promptly to ensure timely project delivery.
The targeted commercial operation date is on or before end-December 2026.
Basic Energy said it would continue to keep stakeholders informed of material developments and milestones as the project progresses.
Basic Energy shares added P0.01, or 8.06 percent, to close at P0.134 each on Thursday.
