Philippines' Basic Energy mulls over investing in Myanmar solar plant

It eyes buying at least 12.5% share in partner EPC firms of the 220MW solar plant.

Basic Energy Corporation inked a term sheet with Thailand-based Vintage Engineering Public Company for the possibility of buying a minimum 12.5% stake in two firms managing the EPC deal of a current 220MW solar power project in Minbu, Myanmar.

The signed term sheet allows Basic Energy to have the exclusive right to negotiate and finalize the terms of investment in Vintage EPC and Vintage International Construction.

Development and construction of the plant's first four phases are on-going and are expected to initially generate 50MW.