BASIC Energy Corp. has approved a partnership with Japanese renewable energy company Renova, Inc. for the joint development of the proposed 50-megawatt Mabini wind power project in Batangas, the company announced on Monday.
“The company appointed its president as its representative authorized to negotiate with Renova and execute the memorandum of understanding (MoU) and all related documents,” the company said in a disclosure.
The Mabini wind power project covers 4,860 hectares in the Mabini Peninsula. It is expected to operate and deliver power to the grid by 2027.
The renewable energy service contract for the project was awarded by the Department of Energy to the company in 2021.
In February last year, Mabini Energy said it had allocated an initial budget of around P31 million for the wind resource assessment campaign, permits and licenses, and ancillary activities.
Renova develops and operates multiple renewable energy power sources, including solar, wind, biomass, geothermal, and hydro power, based on its website.
At the local bourse, shares in the company slightly fell by P0.005 or 2.63% to close at P0.19 apiece. — Sheldeen Joy Talavera