MANILA, Philippines — Publicly listed Basic Energy Corp. is trading its stakes in two Thai engineering, procurement and construction (EPC) companies for equipment to use for its solarization projects in the country.
In an exchange filing, Basic Energy said it was about to enter into an asset swap transaction with Meta Corp. Public Co. Ltd. from Thailand.
Basic Energy said its board approved a proposed asset swap with Meta for the company’s 15% equity investment in Vintage EPC Co. Ltd. (VEPC) and VTE International Construction Co. Ltd. (VINTER).
Basic Energy announced in 2018 its acquisition of a 15% stake in the two contractors involved in the construction of a 220 megawatt solar power plant in Myanmar.
The stakes in the two companies will be exchanged for 63,450 units of PV modules (solar panels) and 4,250 sets of PV connectors.
“The transaction continues as part of Basic Energy’s solarization projects which will find use for the solar panel units to be exchanged for its stakes in VEPC and VINTER,” the company said.
Basic Energy has already partnered with the French oil multinational Total and independent players such as EcoOil and Filpride-USA88 for its initial solarization and electric transmission project.
The solarization of 1,500 retail stations coupled with the additional operation of 3,000 electric buses is envisaged by the company as part of its Green Energy E-Transport project.
As part of the project, the company is installing solar panels at gas stations where energy could be stored in energy storage and charging facilities that will power electric buses.