BSC has again received a positive nodge from Department of Energy after getting an approval for its push for buying Panay Onshore wind project.
This new project will boosts its renewable capacity by 150-175 Megawatts of RE.
In PSE Edge disclosure BSC has announced the following:
Basic Energy Corporation (BSC; the “Corporation”) officially adds another Wind Power Project to its pipeline of Renewable Energy (RE) projects as the Department of Energy (DOE) approved the Wind Energy Service Contract (WESC) application by the Corporation. The official copy of the signed WESC between the DOE and BSC was received by the Corporation yesterday officially marking the start of BSC’s plans to expand its current portfolio of RE projects.
The proposed project is an onshore wind power plant located in San Joaquin and Miag-ao, Iloilo and Hamtic Antique with a total land area of interest of approximately 13,932 hectares covering 172 RE blocks, as approved by the DOE. The said plant is expected to generate a capacity of at least 150-175 MW based on the preliminary study done by an independent party.
With the approval and signing of the WESC, Basic Energy Corporation will commence to deploy its resources for the wind resource assessment campaign to determine the precise wind regime in the said area. The Company is expected to complete the pre-development stage in a 5-year period as committed under the said service contract.
With the return of the market sentiment, current stock price of Basic Energy corporation as of this writing move up by 9.26% to 0.236. Overall BSC is in a downtrend direction.