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…
