Company pulls out of small hydro plant service contracts in Philippines

Small hydro in Philippines

Multiple news agencies are reporting that Basic Energy Corporation has pulled out of four small hydro plant service contracts it was awarded in February 2014 by the Philippines’ Department of Energy.

The affected projects are 2-MW Puntian 1, 2-MW Puntian 2, 3-MW Malogo (or Laogo) 2 and 2-MW Talabaan in Negros Occidental.

The agreements gave Basic Energy a two-year, non-extendable period to conduct pre-development works. Upon being declared commercially active, Basic Energy was to operate them, per the contracts, for 25 years.

The reason being cited is the fact that Basic Energy feels its geothermal ventures “provide greater potential” and the company wants to focus on projects that have a “faster turnaround time,” such as solar.

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