Basic Energy wins GEA-4 award for Cadiz 1 solar

Basic Energy Corporation announced it has secured the Certificate of Award for its Cadiz 1 Solar Power Project after winning a bid under the fourth round of the government’s Green Energy Auction Program (GEA-4).

In a disclosure, Basic Energy Corporation said the project covers a 43.410-megawatt alternating current (MWAC) solar facility to be located in Cadiz City, Negros Occidental.

As a GEA-4 winning bidder, the company is entitled to deliver the full capacity it offered, subject to compliance with the auction program’s terms and the execution of the required project agreements.

The Certificate of Award follows an earlier authorization granting Basic Energy exclusive rights as the solar energy developer for the Cadiz 1 project.

With the award now secured, the company said it is proceeding with the completion of remaining project requirements.

These include the execution of necessary agreements ahead of project development and the eventual delivery of electricity to the Visayas Grid.

Basic Energy said the Cadiz 1 Solar Power Project targets a commercial operations date on or before Dec. 31, 2026.

The company added that it will issue further disclosures as material developments and key milestones are achieved.