Basic Energy To Undertake Due Diligence on Solar Projects in Japan

Makati—(PHStocks)—Basic Energy Corp. (PSE:  BSC) is set to undertake due diligence on Solmax Power Ltd of Hong Kong (Solmax), with the end-view of investing in the company and its solar projects in Japan.

Basic Energy has agreed to make a refundable earnest deposit to Solmax, triggering exclusivity during the period of due diligence, which is expected to commence in the next few weeks and be completed within three to six months.

Vintage Engineering Public Co. Ltd (VTE), which had earlier made a major investment in Basic Energy, is currently undertaking due diligence on Solmax’s portfolio of solar projects in Central Japan.

Should due diligence results prove satisfactory, Basic Energy, which is targeting participation on projects in Japan with a combined installation base of 15MW, will proceed together with VTE in acquiring ownership stakes in Solmax.