November 17 (Renewables Now) - Philippine energy developer Basic Energy Corp (PSE:BSC) may invest in the companies that were awarded the engineering, procurement and construction (EPC) contract for a 220-MW solar power project in Myanmar.
Basic Energy said in a stock exchange statement on Friday it has signed a term sheet with Vintage Engineering PCL (BKK:VTE) of Thailand for the potential acquisition of at least 12.5% in the two companies, which are wholly owned by VTE -- Vintage EPC and Vintage International Construction Co Ltd.
Basic Energy will carry out a due diligence process and in the meantime may decide to increase its planned investment to up to 20%.
The solar project is located in Minbu, Myanmar and construction is underway on a 50-MW power plant, the first of four phases.
BEC said its potential involvement is in line with its push to expand its renewable energy portfolio at home and abroad. It added that the investments would also provide revenue streams from projects with fast turnaround times.