Philippines: Geothermal Energy Developer Raises Funds for Future Projects

Basic Energy to double capital to P5 B (Philstar Global)

Listed Basic Energy Corp. is seeking to double its authorized capital stock to allow potential strategic investors to invest in the company and to secure funds in the future.

Basic Energy said its board of directors approved the increase its authorized capital stock from P2.5 billion to P5 billion, comprising 20 billion shares with a par value of P0.25 apiece.

Basic Energy is developing several geothermal projects namely the Mabini Geothermal Service Contract in Batangas, Mt. Mariveles Geothermal Project in Bataan and Mt. Iriga Geothermal Project in Albay.

Recently, two of its geothermal contracts were terminated by the Department of Energy, namely the East Mankayan and West Bulusan geothermal projects for failing to complete the pre-development of the sites.

Read More.............