LISTED firm Basic Energy Corp. has obtained approval from the Department of Energy (DoE) to proceed with the pre-development phase of its proposed Cadiz 1 Solar Power Project in Negros Occidental.
In a stock exchange disclosure on Wednesday, Basic Energy said it received a certificate of authority from the DoE, allowing the company to secure the necessary permits and tenure instruments for the project.
The solar power facility will cover approximately 30 hectares and is expected to generate at least 43 megawatts (MW), based on a preliminary assessment by an independent third-party firm.
Following the approval, the company will proceed with key activities, including securing clearances from national agencies and local government units.
Basic Energy will also conduct a system impact study with the National Grid Corp. of the Philippines to ensure seamless grid integration.
“This milestone reinforces our commitment to expanding renewable energy solutions in the Philippines. Basic Energy Corporation is eager to advance the Cadiz 1 Solar Power Project and will provide updates as it progresses,” said Basic Energy Vice-Chairman and Chief Executive Officer Oscar L. De Venecia, Jr.
The company previously disclosed that it had also received a certificate of authority for its solar power project in Mariveles, Bataan, with a potential capacity of 62 MW.
These initiatives are part of Basic Energy’s strategy to develop a 500-MW solar energy portfolio by 2030, alongside its target of 500 MW in wind energy generation.
At the local bourse on Wednesday, shares of the company declined by 0.81% to close at P0.12 each. – Sheldeen Joy Talavera
