BASIC Energy Corp. (BEC) said it has signed a memorandum of understanding (MOU) with nv vogt Singapore Pte. Ltd. for the development of solar power projects in the country.
In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, BEC said it and nv vogt signed the MOU on March 28, 2016 under which they agreed to develop solar power, targeting a maximum of 10 MWp per project, in properties owned by BEC located in San Fabian and Bolinao, Pangasinan and other properties as may be subsequently identified.
Also under the MOU, nv vogt Singapore will conduct a due diligence study of the project on an exclusive basis within 60 days from the signing of the MOU.
Nv vogt Singapore is a solar power developer focused on developing solar projects in Asia, particularly in Southeast Asia.