Basic Energy injects P13.6 million for wind project

MANILA, Philippines — Basic Energy Corp. is setting aside additional funding for the development of the 50-megawatt wind power project in Mabini, Batangas.

The Board of Directors of Basic Energy approved the allocation of P13.6 million for Mabini Energy Corp. (MEC), a subsidiary designated to oversee the wind project.

The additional investment is in connection with MEC’s joint development and shareholders’ agreement with Tokyo-based Renova Inc.

A prominent leader in Japan’s renewable energy sector, Renova is engaged in power generation and development through clean energy projects across the Asia-Pacific region.

In April, Basic Energy and its Japanese partner signed a 50:50 pact to cement their strategic tie-up in constructing the Mabini project, which straddles a 4,860-hectare contract area under the Wind Energy Service Contract (WESC).

Basic Energy earlier said the project would cater to the country’s energy demand and promote economic growth and community development in Mabini and surrounding areas.

“This project is a testament to (the company’s) commitment to sustainable development and environmental stewardship, setting the stage for a more sustainable and prosperous future,” it added.

The wind project started in November 2022 with the installation of a 120-meter meteorological mast, a towering structure that collects crucial data to assess the potential of wind energy.

Seven months later, light detection and ranging technology was deployed to measure the speed and direction of the wind resource.

The WESC covers a 25-year term, including a five-year pre-development phase and an option for a 25-year extension, ensuring long-term sustainability and energy stability in Batangas.