De Venecia-led Basic Energy Corp. has sealed a deal to take up a 15 percent interest in two Thailand-based companies which are involved in the construction of a 220-megawatt solar plant in Myanmar.

In a statement, Basic Energy said it signed an agreement with Meta Corp. Public Co. Ltd. covering the purchase of shares in Vintage EPC Company Ltd. and VTE International Construction Co. Ltd.

The shares transfer is expected to take effect on July 2.

As of Dec. 31, 2017, Basic Energy had remitted the amount of $2.6 million, as earnest money deposit, which shall be converted to paid- in capital contribution of BEC in the VEPC and VINTER, on the closing dates stipulated in the share purchase agreement.

The investment is in line with Basic Energy’s vision to be a major renewable energy and power company, with a robust portfolio of renewable energy projects.

It is projected to provide the company with a steady source of revenue in the immediate term.
Basic Energy continues to pursue its geothermal energy projects, and consider opportunities solar, wind and biomass energy.

Source: http://bilyonaryo.com.ph/2018/06/27/basic-energy-seals-deal-to-buy-15-of-two-thai-firms/