Basic Energy, Renova partner for 50 MW Philippines wind project

The parties will sign a Joint Development and Shareholders Agreement.

Basic Energy Corporation and Japan’s Renova signed a memorandum of understanding for the development of the 50-megawatt Mabini Wind Energy Project.

In a disclosure, Basic Energy said the deal is the “initial and definitive step” for the signing of a Joint Development and Shareholders Agreement with Renova for partnership, through its subsidiary Mabini Energy Corporation, in the Mabini Wind Energy Project.

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The signing of the subsequent deal is expected by the end of the first quarter of 2024.

The wind project is covered by the Wind Energy Service Contract by the Philippines’ Department of Energy in 2021.