LOCAL power company Basic Energy Corp. said Japanese firm Renova Inc. has been appointed its official partner in RDG Wind Energy Corp. (RWEC) which is developing a wind power plant in Mabini, Batangas.
The parties are focused on advancing the project to its next phase following the completion of a wind resource assessment and the issuance of a favorable system impact study by the National Grid Corporation of the Philippines, Basic Energy said in a statement on Monday.
Basic Energy said it completed a joint development and shareholders’ agreement with Renova following the fulfillment of precedent conditions.
“We are thrilled to collaborate with Renova on this important initiative… Together, we are dedicated to advancing the country’s renewable energy efforts and we are confident that RWEC will play a pivotal role in meeting the Philippines’ growing energy demands,” Basic Energy said.
The parties said Renova is expected to contribute its expertise and resources to the Mabini wind energy project and a reorganization of RWEC was immediately conducted to incorporate representatives from both companies to the board of directors, along with the establishment of a new management team.
The wind power project will have an initial capacity of 50 megawatts.
Last year, Basic Energy signed an agreement with Renova for a 50:50 equity in RWEC.
Basic Energy had said the project may need a total of P4.5 billion to be completed, with Renova likely to lead fundraising activities from local and international banks and financing institutions, apart from infusion from both parties.
Aside from wind energy, the company is also involved in oil exploration, geothermal resource development, solar power and electronic vehicle charging.
