Basic Energy Corp. has firmed up the rollout of its 43-megawatt (MW) solar project in Cadiz City after securing key construction contracts to start site works and keep the development on track for completion by the end of 2026.
In a disclosure on Thursday, the company said its wholly owned subsidiary, Basic Energy Cadiz 1 Corp. (BECC), finalized Engineering, Procurement, and Construction (EPC) agreements for both offshore and onshore components of the project.
The contracts were signed with Raynergy Engineering Co., Ltd. as the offshore supplier and TBEA Subic, Inc. as the onshore contractor.
“The signing today signifies a major move forward in making the Cadiz solar project a success,” BECC Chairman Oscar (“Carey”) L. De Venecia Jr. said.
“Basic Energy Cadiz 1 Corp has full faith and confidence in our selected EPC partners. With our successful GEA 4 bid in place, and as we move into the early works phase, we are fully committed to ensuring this 43 MW project contributes to the national grid on schedule.”
According to the company, the execution of the EPC agreements allows the project to move into its next phase, with early works set to begin at the site in Negros Occidental as soon as possible.
The Cadiz solar project earlier secured a Certificate of Award under the government’s Green Energy Auction 4.