• 29
  • Jun
Basic Energy Corporation Continue push for Renewable Energy, Includes Panay Onshore Wind project
palaboytrader Market News No Comments

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.

Source: https://edge.pse.com.ph/openDiscViewer.do?edge_no=5c5473bd75d5b9819e4dc6f6c9b65995

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.

  • 26
  • Apr
EEI has pump by as much as 90% in 6 trading days, Sale of Assets Disclosed
palaboytrader Market News No Comments

EEI has pump by as much as 90% in 6 trading days, Sale of Assets Disclosed

A recent disclosure from EEI has confirmed the reason why its prices keep moving up from the last 6 trading days of the market.

PetroEnergy said it is acquiring EEI Power’s common shares in PetroGreen Energy Corp., PetroSolar Corp., and PetroWind Energy, Inc.

EEI will use the proceeds of sale to dept payments and additional construction business.

“The transaction will monetize EPC’s (EEI Power) assets and the proceeds will be used to reduce EEI’s debt obligations and provide working capital as EEI gears up for additional construction business in the Philippines and abroad, further strengthening its balance sheet,”

Below are the details of the share purchase agreement with PERC:

EEI Power signs Share Purchase Agreement with PetroEnergy Resources Corporation

EEI Power Corporation (“EPC”), a wholly owned subsidiary of EEI Corporation, signed a Share Purchase Agreement with PetroEnergy Resources Corporation (“PERC”) for the sale of all of EPC’s interest in PetroWind Energy Inc. (“PWEI”) amounting to 2,865,408 common shares or 20% of the total number of shares in PWEI.

PGEC is a joint venture corporation established between EPC, a wholly owned subsidiary of EEI Corporation, and PERC. PWEI and PSC are subsidiaries of PGEC. After fulfillment of all conditions for the sale, EPC will no longer have any interest in PGEC, PWEI and PSC.

Number of shares to be acquired or disposed2,865,408
Percentage to the total outstanding shares of the company subject of the transaction20
Price per share227.38
NameNature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates
PetroEnergy Resources CorporationHouse of Investments is the single largest majority shareholder of PERC, who is also the majority shareholder of EEI Corporation, the parent of EEI Power Corporation. PERC is the parent of PetroGreen Energy Corporation, which holds 60% interest in PWEI.

EEI price started to shoot up from 2.77 to 5.28 and yesterday closing although profit taking ensued was still up by 10.45%

Source: https://edge.pse.com.ph/openDiscViewer.do?edge_no=6429dffd8f3f33d79e4dc6f6c9b65995



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