Philippines-based Basic Energy Corporation will be building a wind project in Panay, located in the Visayas region. The firm has received approval from the Department of Energy for a wind energy service contract (WESC).
The firm disclosed it in a statement said that the proposed project involves a total land area of interest of approximately 13,932 hectares covering 172 RE blocks in San Joaquin and Miag-ao, Iloilo and Hamtic, Antique.
It will have a generation capacity between 150 megawatts (MW) and 175 MW, based on a preliminary study done by an independent party.
”With the approval and signing of the WESC, Basic Energy will commence with a wind resource assessment in the target area.The company is expected to complete the pre-development stage in a five-year period as committed under the said service contract,” it said.
Basic Energy is a publicly listed holding company in the Philippines having business interests in various areas related to renewable energy and alternative fuels, and oil and gas exploration and development.
Besides several fully owned subsidiaries dealing in IT management, biofuel development and renewable energy development, the firm also owns Grandway Group Ltd., Hong Kong-based unit in charge of its equity investments abroad.