LISTED Basic Energy Corp. is partnering with a Singaporean solar power company to develop solar projects in Pangasinan.

In a disclosure to the stock exchange, Basic Energy said it signed a memorandum of understanding with nv vogt Singapore Pte., Ltd. to develop solar projects with a maximum capacity of 10 megawatts each in the former’s properties in San Fabian and Bolinao, Pangasinan.

The solar power projects could also cover other properties that the partnership might identify.

The Singaporean company is described as a solar power developer focused on solar power projects in Asia, particularly in Southeast Asia.

Under the deal, nv vogt Singapore will conduct a due diligence study of the project within 60 days from March 28, the signing of the memorandum.

The partnership follows the decision by Basic Energy early this year to give up four hydropower service contracts covering four separate projects. It returned to the Department of Energy the contracts covering Puntian 1, Puntian 2, Malogo 2 and Talabaan.

The four hydropower projects are all in Negros Occidental, in the rivers Puntian, Malogo and Talabaan within the province.

The move was in line with the company’s thrust to streamline its renewable energy projects to focus on geothermal service contracts.

Source: http://www.bworldonline.com/content.php?section=Corporate&title=basic-energy-ties-upwith-singaporean-firm&id=125159