MANILA, Philippines — Basic Energy Corp. firmed up its partnership with Japan’s Renova Inc. through joint development and shareholder’s pact related to the Mabini wind project, estimated to cost P4.5 billion.
The agreement “heralds a major advance in the development of the Mabini Wind Power Project,” according to Basic Energy.
The company said Tokyo-based Renova, which has numerous power projects both in Japan and other countries, has committed to work with them on a 50:50 equity basis in Mabini Energy Corp (MEC)., the special purpose vehicle for the wind facility.
MEC is the project proponent of the Mabini wind project with an initial power generation capacity of 50 megawatts (MW), covered by the wind energy service contract issued by the Department of Energy.
The service contract covers a 25-year term, including a five-year pre-development phase, which can be extended for another 25 years.
READ: Basic Energy eyes 168-MW wind project in Batangas
The planned wind facility, expected to start operating by 2027, is situated across a 4,860-hectare contract area in the Mabini peninsula in Batangas.
Basic Energy earlier said MEC continues to conduct its wind resource assessment for the project by collecting the data from LIDAR equipment readings and the meteorological mast installed in the project area.
The assessment, critical for determining the project’s viability and gauging its potential annual energy production, is estimated to be concluded by May this year.
Through this, the company will be able to choose the most suitable wind turbine generators to install on the project site.
Basic Energy said the wind project signifies their support for the government’s renewable energy goals and promoting environmental sustainability.
“Moreover, our collaboration underscores our commitment to fostering enduring relationships within the Philippine energy sector,” Basic Energy vice chair and CEO Oscar de Venecia Jr. said.