Basic Energy Corporation (BEC) and RENOVA Inc. have finalized a joint development and shareholders’ agreement (JDSHA) to advance the Mabini Wind Energy Project, marking a significant step in their renewable energy partnership.
“We are thrilled to collaborate with Renova on this important initiative…Together, we are dedicated to advancing the country’s renewable energy efforts, and we are confident that RWEC will play a pivotal role in meeting the Philippines’ growing energy demands,” said BEC in a regulatory filing.
The partners highlighted their commitment to ensuring RWEC’s positive and sustainable impact on the community, economy, and environment as they push forward with the project’s development.
The agreement, completed after Basic Energy fulfilled key conditions, formalizes RENOVA’s entry as an official partner in RDG Wind Energy Corporation (RWEC). Minor amendments were made to clarify the equity allocation between the two companies.
With the agreement in place, the partners immediately reorganized RWEC’s board, adding representatives from both companies and establishing a new management team to oversee the project’s next stages.
The Mabini Wind Energy Project moves forward after a successful wind resource assessment and a positive System Impact Study from the National Grid Corporation of the Philippines (NGCP). These developments position the project for substantial growth within the country’s renewable energy sector.
The Philippines aims to increase renewable energy’s share in its power generation mix to 35% by 2030 and 50% by 2040, with the Mabini Wind Energy Project poised to contribute to these goals. Stay updated on this development by following Power Philippines.
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