Iloilo tapped in Basic Energy’s PHP 300M wind push

Iloilo is emerging as a key site in Basic Energy Corp.’s (BEC) shift toward nearshore and offshore wind power, as the company readies a PHP 300 million funding drive to expand its renewable energy portfolio over the next two to three years.

During its annual stockholders’ meeting on July 23, BEC President and CEO Oscar de Venecia Jr. said the company is preparing a major capital raise to support both ongoing and pipeline projects, including wind development activities in San Joaquin, Iloilo.

“We’re planning to do wind assessments in San Joaquin in Iloilo, plus preliminaries for the offshore [wind] and then solar,” De Venecia said.

The Iloilo initiative is part of BEC’s broader strategy to expand into nearshore wind energy, a form of offshore wind development located closer to the shoreline.

De Venecia said the company secured two Department of Energy (DOE) service contracts in 2023 for nearshore wind projects in Ilocos Norte and Calatagan, Batangas.

“We actually were able to secure last 2023 two service contracts with the DOE. Ilocos [Norte] and Batangas are what we call nearshore. It’s still offshore, but not that far away that it’s considered nearshore,” he explained.

BEC’s ongoing PHP 300 million funding campaign aims to finance both current renewable projects and early-stage development activities in new locations such as Iloilo, as part of its transition to more sustainable energy operations.

“For the ongoing projects plus maybe [pre-development] on the others, we’re looking at around PHP 300 million in the next two to three years,” De Venecia told reporters.

Among the flagship developments under this initiative is the Mabini wind energy project in Batangas, whose first phase is expected to generate 50 megawatts (MW) of capacity.

The Mabini site is targeted for commercial operations by the second half of 2028, contributing significantly to the country’s renewable energy mix.

In addition to wind, BEC is also advancing several solar projects.

These include the 60.5-MW-peak (MWp) Mariveles solar plant in Bataan and the 43.1-MWp Cadiz 1 solar project in Negros Occidental, both scheduled for commissioning by early 2027.

The Mariveles plant recently received a certificate of authority from the DOE, allowing grid interconnection via a dedicated substation.

Meanwhile, the 46.993-MWp Bolinao solar project in Pangasinan is awaiting approval from the National Grid Corp. of the Philippines (NGCP) to connect through the Pangasinan I Electric Cooperative (PANELCO I).

De Venecia said BEC is exploring different funding channels—such as private placements and strategic partnerships—to raise the capital necessary for its growing pipeline of clean energy ventures.

With Iloilo positioned as a future hub for wind power and the company targeting diverse renewable sites nationwide, BEC is signaling a firm commitment to help the Philippines meet its energy transition goals.