Philippines’ BEC, Thailand’s VTE ink renewable energy business deal

By Tomas S. Noda III

February 15, 2017

Philippine-listed power firm Basic Energy Corp (BEC) and Thailand’s Vintage Engineering Public Company Ltd (VTE) signed a strategic partnership to pursue business opportunities in renewable energy.

BEC earlier disclosed the deal involves the exploration, development, and production of renewable energy resources in the Philippines and abroad.

VTE bought over 435 million shares of stock in BEC, a transaction subject to compliance of the conditions precedent, representations and warranties and covenants included in the agreement.

Also Read: Philippines: Ayala invests in $150m Indonesia wind farm project

Financial terms of the share transaction were not disclosed.

“VTE has the right to invest in the Mabini Geothermal Project and other projects of BEC, and VTE may increase its holdings of BEC shares in the future, both subject to terms and conditions which shall be mutually agreed upon by the parties in the future,” BEC said in its statement.

Originally in the construction and engineering business, VTE is now developing some energy projects in Japan, Myanmar, Indonesia and the Philippines.

Also Read: ADB inks $109m financing for clean energy venture in Indonesia

BEC has five service contracts in its portfolio awarded by Department of Energy (DOE) for the exploration and development of geothermal energy in the provinces of Batangas, Bataan, East Mankayan, Mountain Province, Ifugao, Camarines Sur, Albay, and West Bulusan in Sorsogon.

As a holding company, BEC held equity investments in its subsidiaries, namely investment holding company Basic Diversified Industrial Holdings Inc, IT management company and service integrator iBasic Inc, biofuels developer Basic Biofuels Corp, agricultural company Basic Ecomarket Farms Inc, oil exploration firm Southwest Resources Inc, and geothermal energy development company Basic Geothermal Energy Corp.

BEC and VTE last traded at P0.310 and THB3.14 per share on Wednesday (February 15).

Also Read:

Philippines: AboitizPower exits power plant venture in Indonesia

Thailand’s Wind Energy forays into Australia with CWP Renewables

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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