Basic Energy Invests P1.9 Billion In New Negros Occidental Solar Power Project In Philippines

Basic Energy Corporation is moving forward with a P1.9 billion investment to construct the Cadiz 1 Solar Power Project, a 43 megawatt (MW) solar power plant in Cadiz City, Negros Occidental, as part of its larger transition to utility-scale renewable energy.

The project, which was granted under the government's Green Energy Auction Program (GEA-4), establishes Basic Energy as a rising force in the Philippines' renewable energy industry and advances the nation's aspirational objective of boosting clean electricity in the national grid.

The building of the Cadiz solar facility aligns with Basic Energy's continued pursuit of larger renewable energy projects. The company previously worked with Japan-based Renova Inc. on a P5 billion wind farm project in Batangas. These programs assist the national goal of raising the share of renewable energy in the power mix from the present level of roughly 22 percent to 35 percent by 2030. The government has been pushing for further developments in clean energy research, and the Department of Energy has started a thorough evaluation of existing contracts, making the timing of this endeavor critical. Authorities recently cancelled more than 160 contracts related to stalled or idle energy projects. The goal of this effort is to create space for serious, competent developers who can meet their responsibilities. By proceeding with the Cadiz solar project, Basic Energy hopes to show its dependability in the growing renewable energy industry.

The 43.41 MW Cadiz 1 Solar Power Project is anticipated to be crucial in meeting the Visayas' electricity needs, lowering reliance on fossil fuels, and advancing the Philippines' more general objectives for energy diversification and sustainability once it is operational. Basic Energy's track record of successfully negotiating competitive auctions, overseeing intricate regulatory requirements, and pursuing a long-term renewable strategy has established a solid basis for this historic project.