BASIC ENERGY Corp. is set to assess wind resources for its wind energy service contract in the Visayas after securing regulatory approval for the development of the renewable energy project.
In a stock market disclosure, Basic Energy said the Department of Energy (DoE) clearance for its onshore wind farm would expand its renewables portfolio.
With this development, the company will now start deploying resources to identify the wind capacity in the contract area. It said the predevelopment stage is expected to be completed within five years.
Basic Energy said the proposed wind power plant will be located in San Joaquin and Miag-ao in Iloilo and Hamtic in Antique. The plant has a total land area of about 13,932 hectares covering 172 blocks.
The proposed project has a combined generation capacity of 155 megawatts based on a preliminary study conducted by an independent body, Basic Energy said.
Incorporated in 1968, Basic Energy has business interests in various fields of renewable energy and alternative fuels, and oil and gas exploration and development.
At the stock exchange on Thursday, shares in Basic Energy closed 8.8% higher at P0.24 apiece. — Ashley Erika O. Jose