MANILA, July 23 (PNA) — Philippine firm, Basic Energy Corporation, and Spain’s From Energies International Limited has signed a memorandum of understanding (MOU) to develop hydropower projects in the Philippines.

In a disclosure with the Philippine Stock Exchange (PSE) Wednesday, Basic Energy Corporation reported that From Energies International Ltd. will be their partner in exploring and identifying funding sources for the hydropower projects.

The company added that the Spanish firm will seek the technical expertise requirements of the hydropower projects.

It is not the first time Basic Energy Corporation has partnered with an international company, having had a transaction with Malaysia’s Petrosolve Sdn Bhd.

Moreover, Basic Energy Corporation mentioned that From Energies International is expected to utilize its network in the international energy business to improve the Philippine firm’s four projects.

The company has four hydropower projects in Negros Occidental, specifically Puntian 1 (HSC2014 -01-383, Puntian 2 (HSC2014-01-384), Malogo 2 (HSC2014-01385) and Talabaan (HSC2014-01-386).

All the service contract for the projects were awarded by the Department of Energy (DOE) this year.

Currently, the 1961 commissioned Amlan HEP is the only hydropower generating facility in Negros Oriental. It has an installed capacity of .8 Megawatts (MW) and a dependable capacity of .4 MW.

Meanwhile, Basic Energy Corporation is involved in oil and gas exploration, mining, investment holdings, information technology management and service integration, biofuels and agriculture.

Basic Energy Corporation controls the following subsidiaries — Basic Petroleum and Minerals Inc, Basic Diversified Industrial Holdings Inc, iBasic Inc, Southwest Resources Inc, Basic Biofuels Corporation and Basic Ecomarket Farms Inc.

On the other hand, From Energies International Limited has expertise in renewable energies through the construction and operation of hydroelectric power plants.

It has a track record of 19 built projects, four for construction and 72 technical projects awaiting administrative authorization.

All of the company’s projects targets a Certificate of Approval of the environmental standards ISO 14001:1996. It will likely be the same with the four Philippine hydropower projects. (PNA)

Source: http://www.philippinestoday.net/archives/15139