Listed Basic Energy Corporation has bagged four 25-year contracts to develop hydropower projects in Negros Occidental, the company disclosed Monday.
Basic Energy said the Energy department approved last Feb. 5 the awarding of hydropower service contracts for 2 MW Puntian 1 HydroPower Project, 2 MW Puntian 2 HydroPower Project, 3 MW Malogo 2 HydroPower Project and 2 MW Talabaan HydroPower Project.
The projects will cover the Municipality of Murcia, Victoria City and Cadiz City in Negros Occidental.
The contracts allow Basic Energy to explore, develop, operate and maintain hydropower systems over a two year non-extendable period. Upon declaration of commerciality, the contract shall remain in force for the balance of the period of 25 years.
Basic Energy is a holding company with equity investments in an investment holding company, a real estate and information technology company, an oil exploration and investment holding company, a biofuels developer, an agricultural company, and an exploration and development company of geothermal energy resources. — Danessa O. Rivera/BM, GMA News
Source: http://www.gmanetwork.com/news/story/348850/economy/companies/energy-dept-awards-four-hydropower-contracts-to-basic-energy
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