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Basic Energy Corporation (BEC) announced that Japanese renewable energy (RE) firm Renova Inc. is set to contribute its expertise and resources to the Mabini wind energy project.
In a disclosure to the Philippine Stock Exchange (PSE) on Monday, Feb. 17, Basic Energy Corporation (BEC) and Renova announced the completion of their joint development and shareholders’ agreement (JDSHA), officially making the Tokyo-based company a partner in BEC’s subsidiary, RDG Wind Energy Corporation (RWEC).
RWEC manages the 50-megawatt (MW) Mabini wind energy project in Batangas, which is expected to be complete by 2028.
“The closing follows BEC’s fulfillment of the conditions precedent outlined in the JDSHA, with certain items transitioning to conditions subsequent as mutually agreed by the partners. Minor amendments to the JDSHA have been implemented to further clarify the equity allocation between BEC and RENOVA in RWEC,” it stated.
With the agreement in place, the Mabini wind project will advance to its next phase after a successful wind resource assessment and the system impact study by the National Grid Corporation of the Philippines (NGCP).
Also under the agreement, RWEC has reorganized by incorporating representatives from both BEC and Renova into RWEC through a new management.
The Mabini wind project, valued at around P5 billion, has a Wind Energy Service Contract (WESC) under the Department of Energy (DOE), which allows RWEC to construct within 4,860 hectares of land in the Mabini peninsula.
The partnership was first announced last April 2024, as Renova committed to a 50-50 equity basis with its partner.
