Basic Energy Corp. and Japan’s Renova Inc. are finalizing a memorandum of understanding for the joint development of the Mabini wind project in Batangas.
Basic said in a disclosure to the stock exchange Monday the proposed MOU with Renova “represents the parties’ definitive step towards executing a joint development shareholders’ agreement for the Mabini wind energy project.”
Basic’s board approved in a special meeting on Jan. 29, 2024 the signing of the MOU with Renova, Japan’s only publicly-traded independent pure-play RE developer focused in Japan and Asia.
“As of the moment, both sides are preparing and finalizing the signing date of the MOU,” the company said.
Basic is developing a 50-MW Mabini wind project in Batangas, which covers about 4,860 hectares in the Mabini Peninsula.
It earlier signed non-disclosure agreements with several entities after being provided with the data gathered through the wind resource assessment through the course of their due diligence on the project.
“Basic is always open to entertain interested parties who would like to participate in our projects,” Basic board member Oscar De Venecia said earlier.
Basic is also developing an onshore wind project in Panay, which is expected to generate a renewable capacity of at least 155 MW.
The proposed onshore wind power plant is located in San Joaquin and Miag-ao, Iloilo and Hamtic, Antique with a total land area of about 13,932 hectares.
The wind facility is expected to generate a 155 MW based on the preliminary study done by an independent party.
Basic said it would start to deploy its resources for the wind resource assessment campaign to determine the precise wind regime in the said area.