LISTED Basic Energy Corp. said it has tied up with Solmax Power Limited of Hong Kong for the former’s intended expansion into solar projects in Japan.
In a regulatory filing on Friday, the firm said it has signed the investment term sheet and remitted a refundable deposit of ¥50 million to Solmax.
The move is “to trigger the due diligence work” to be done by the firm and it solar-powered projects in Japan.
The company has said it is scouting for solar power investments in the Asian region.
This, following the government’s decision to scrap the feed-in-tariff which are incentives granted for 20 years to energy players who will devote more investments in renewable energy, the more expensive power source.
Shares of Basic Energy traded flat on Friday at P0.265 apiece.
