BASIC Energy Corp. on Thursday said that finalized key construction agreements had been sealed by a subsidiary for a 43-megawatt alternating current (MWac) solar project in Cadiz City, Negros Occidental.
The company told the stock exchange that wholly owned Basic Energy Cadiz 1 Corp. (BE Cadiz 1), the project’s special purpose vehicle, had signed engineering, procurement, and construction (EPC) contracts covering both offshore and onshore components of the solar project.
The agreements were signed with Raynergy Engineering Co. Ltd. as offshore supplier and TBEA Subic Inc. as onshore contractor.
The project, a ground-mounted solar facility in Cadiz City, is part of Basic Energy’s broader push to expand its renewable energy footprint, particularly in the Visayas region.
Basic Energy said the project was awarded under the government’s Green Energy Auction 4 (GEA 4), adding that it was granted a certificate of authority as the project’s exclusive solar developer, which it would assign to BE Cadiz 1.
“The signing ... signifies a major move forward in making the Cadiz solar project a success,” said Oscar de Venecia Jr., chairman of BE Cadiz 1.
“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 43MWac project contributes to the national grid on schedule.”
Following completion of the EPC agreements, initial work is expected to begin soon at the project site in Negros Occidental, keeping the development on track for targeted completion by end-2026.
Basic Energy shares on Thursday rose 0.86 percent to close at P0.117 each.
