Listed firm Basic Energy Corp. and RENOVA Inc. have completed the Joint Development and Shareholders’ Agreement, marking a key milestone in their partnership for RDG Wind Energy Corp. This agreement follows Basic’s fulfillment of the stipulated conditions precedent and includes minor amendments to clarify equity allocation between the two companies.
RENOVA officially became a partner in RWEC, expected to contribute its expertise and resources to the Mabini Wind Energy Project. The transition also involved a reorganization within RWEC, with representatives from both partners joining the board of directors and a new management team formed.
The project is progressing well, having completed a successful wind resource assessment and received a favorable system impact study from the National Grid Corp. of the Philippines. These developments set the stage for RWEC’s further advancements in the renewable energy sector.
“We are thrilled to collaborate with RENOVA on this important initiative,” Basic Energy said in a statement. “Together, we aim to significantly contribute to the Philippines’ renewable energy goals.” The Mabini Wind Energy Project, with a potential 50-megaWatt capacity, is expected to play a crucial role in the country’s energy future, while benefiting local communities and the environment.
