Basic Energy Corporation has partnered with Japan-based Renova Incorporation through a joint development and shareholder’s agreement for the Mabini wind project, with an estimated cost of PHP4.5 billion in the Philippines. Renova has committed to a 50:50 equity partnership with Basic Energy in Mabini Energy Corporation (MEC), the special purpose vehicle (SPV) for the wind facility.
MEC is the project proponent which has an initial power generation capacity of 50 MW under a wind energy service contract issued by the Department of Energy (DOE).
The contract spans 25 years, including a five-year pre-development phase, extendable for another 25 years. The project is expected to commence operations by 2027. Basic Energy will conduct a wind resource assessment using LIDAR equipment and a meteorological mast, with findings expected by May 2024. This assessment is crucial for determining the project’s viability and selecting suitable wind turbine generators. Also, the wind project aligns with government renewable energy (RE) goals and demonstrates a commitment to environmental sustainability.