Basic Energy Corp. and Japan’s Renova Inc. are in the final stages of negotiating a memorandum of understanding (MOU) for the joint development of the Mabini wind project in Batangas (Philippines). This was disclosed by Basic in a statement to the stock exchange.
As per the firm, the proposed MOU with Renova signifies a significant step towards establishing a joint development shareholders’ agreement for the Mabini wind energy project. This project, slated to be a 50-megawatt (MW) endeavor, encompasses approximately 4,860 hectares in the Mabini Peninsula of Batangas.
Previously, Basic Energy Corp. engaged in non-disclosure agreements with various entities after conducting a comprehensive wind resource assessment as part of their due diligence efforts for the Mabini project. The company remains open to engaging with interested parties looking to participate in their projects, according to Basic board member Oscar De Venecia.
In addition to the Mabini wind project, Basic Energy Corp. is also progressing with the development of an onshore wind project in Panay. It covers San Joaquin and Miag-ao in Iloilo, as well as Hamtic in Antique, this project covers approximately 13,932 hectares. As per the preliminary studies, the onshore wind power plant could yield a renewable capacity of at least 155 MW. Basic Energy Corp. intends to commence a wind resource assessment campaign to ascertain the precise wind conditions in the area and facilitate the project’s advancement.