Basic Energy Corp. forms half of the joint development and shareholder agreement with Japan’s Renova Inc. to pursue a 50-megawatt wind power project in Batangas.
“The envisioned Mabini wind power project is slated to initially produce 50 MW of clean energy, contributing to the Luzon grid. Our journey began with the installation of a 120-meter meteorological mast in Barangay San Teodoro, Mabini, in November 2022, followed by the deployment of LIDAR equipment in Barangay Estrella, Mabini, in June 2023, enhancing our wind resource assessment (WRA) activities,” said Oscar De Venecia Jr., Basic Energy president and chief executive officer, in signing ceremonies in Makati City on Wednesday.
De Venecia said the WRA is scheduled for completion in May this year as it assess the viability of wind resources in the area.
The project is seen declared commercially viable by March 2026, start formal construction and have its financial close the following May.
The company said the project requires P4.5 billion to complete, with Renova likely heading fund raising activities.
The Mabini wind energy service contract spans 25 years, including a 5-year pre-development stage and a potential 25-year extension.
