Villavicencio’s Basic Energy allocates P6.35M for wind prospecting

Basic Energy of the Villavicencio-led Filoil Group has earmarked P6.35 million to assess the viability of wind power projects in various areas in the country.

The company said its board was presented with seven areas of interest for possible wind power development.

To further assess the potential of these sites, the listed company plans to procure the services of third-party experts to qualify and make necessary recommendations on the hierarchy of potentials of each area.

A budgetary requirement of P6.35 million has been approved by its board for wind prospecting.

“Further updates and details in relation to the prospective areas of interest as well as results of the wind prospecting studies shall be made as and when definitive data is available,” Basic Energy said.

The company’s current thrust is to search and develop other power plant projects, particularly solar and wind.

Basic Energy last month signed definitive documents with Thailand’s Meta Corp. Public Co. Ltd. to effectuate an asset swap transaction, involving the exchange of its 15 percent equity investments in two Thai companies for solar panel units and related equipment.

The signing enabled Basic Energy to proceed with the exchange of its 15 percent equity investments in Vintage EPC Co. Ltd. and VTE International Construction Co. Ltd. to Meta for 63,450 units of PV modules (solar panels) and 4,250 sets of PV connectors

The PV modules Basic Energy will get as a result of the asset swap will be used by Basic Energy in its solarization projects, such as the Green Energy E-Transport Project.

The project targets the solarization of around 30 retail station sites.

It also involves complementary projects/tie-ups with other commercial and/or public transport entities/groups as well as the procurement of 60 e-buses.