The company said its board gave the go-signal to renew a P50-million clean loan line and P5-million bills purchase line with the bank.
The bills purchase line is a standard practice in accounting finance that lets any entity receive funds before banks clear checks, Cuaycong said.
The debt lines were originally going to expire in October this year, but the renewal means both debt funding will be available until October 2018.
Basic Energy is working on geothermal and solar-powered projects, including the East Mankayan Geothermal Prospect in Ifugao, Mabini Geothermal Service Contract in Batangas, Mt. Iriga Geothermal Project in Albay, Mt. Mariveles Geothermal Project in Bataan, and West Bulusan Geothermal Prospect in Sorsogon.
