MoU signed for the joint development of 50 MW Onshore wind farm in the Philippines

Basic Energy Corp. signed a memorandum of understanding (MOU) with Japan’s Renova Inc. for the joint development of the 50-MW Mabini wind project in Mabini, Batangas, in the Philippines.

Renova and Basic's relationship will be strengthened by the joint development and shareholders agreement (JDSHA), which will establish Mabini Energy Corp. (MEC) as the special purpose company for the Mabini wind project. This came about after the Basic board gave management permission on January 29, 2024, to execute the MOU. MEC is gathering information from the meteorological mast placed in the project region and readings from LIDAR equipment to continue its assessment of the project's wind resources.

The facility will be built on about 4,860 hectares of area and is expected to operate and deliver power to the grid by 2027.