Basic Energy Corporation is solidifying its partnership with Renova Inc. of Japan through a joint development and shareholder’s agreement concerning the Php 4.5 billion Mabini wind project.
As per Basic Energy, this agreement marked a significant step forward in the advancement of the Mabini Wind Power Project, said Inquirer in its report.
Renova Inc., a firm based in Tokyo, pledged to collaborate with Basic Energy on a 50:50 equity basis in Mabini Energy Corporation (MEC), the entity specifically established for the wind project.
MEC was established as the entity overseeing the wind facility, initially aiming for a power generation with a capacity of 50 megawatts (MW) under the wind energy service contract issued by the Department of Energy (DOE).
Additionally, the service contract spanned a 25-year term, which included a five-year pre-development phase, with the possibility of extending for another 25 years.
Basic Energy previously stated that MEC was actively conducting a wind resource assessment for the project, utilizing data collected from LIDAR equipment readings and a meteorological mast installed within the project area.
The assessment, which was crucial for evaluating the project’s feasibility and estimating its potential annual energy output, was expected to conclude by May of this year.
Following this assessment, the company will select the most appropriate wind turbine generators for installation at the project site.
Basic Energy emphasized that the wind project reflected its commitment to supporting the government’s renewable energy objectives and promoting environmental sustainability.
The planned wind facility, slated to commence operations by 2027, occupied a 4,860-hectare contract area in the Mabini peninsula of Batangas.
