Philippine
Daily Inquirer / 05:10 AM December 09, 2017
Basic Energy Corp.
yesterday said it had signed an agreement with Vintage Holding Japan Co. Ltd
(VHJ) on the possible acquisition of at least 10 percent stake in a 25-megawatt
biomass power plant project in Japan.
This firms up an
undertaking that was announced last October, in which Basic Energy had
expressed interest to acquire interest in four projects associated with
Thailand-based Vintage Engineering PCL (VTE)—including this biomass facility in
Karatsu City, Saga Prefecture.
VHJ, a unit of VTE,
holds full executive rights to the facility, which is wholly owned and
controlled by Biomass Power GK or IBP.
Basic Energy said the
investment term sheet granted it the exclusive right to negotiate and finalize
the terms of the investment in VHJ’s project.
Also, Basic Energy has
60 days to complete the due diligence process, which may be extended if IBP
consents.
If results are
favorable, the two parties expect to sign a shareholders agreement by June 30,
2018.
If this happens, Basic
Energy expects to have the option to increase its planned investment in the
biomass facility up to 20 percent.
This announcement
follows one about Basic Energy signing a similar term sheet with VTE, related
to a possible 12.5-percent equity in two of the latter’s subsidiaries.
These subsidiaries are
involved in what is considered Southeast Asia’s largest solar power project—the
$270-million, 220-megawatt Minbu solar power plant at the Minbu District of
Myanmar’s Magway Region.
The Minbu project is
seen bringing Myanmar closer to the government’s goal to increase electricity
output from 2,500 MW as of 2015 to 30,000 MW by 2030. —RON W. DOMINGO
No comments:
Post a Comment