Basic Energy unit weighs Mabini wind project’s partners

March 3, 2023

LISTED firm Basic Energy Corp. said its unit had signed agreements with several entities interested in its 50-megawatt (MW) Mabini wind project in Batangas.

In a regulatory filing on Monday, Basic Energy said its subsidiary Mabini Energy Corp. signed confidentiality agreements with several parties as potential partners for the project.

The Mabini wind power project covers 4,860 hectares in the Mabini Peninsula. It is expected to operate and deliver power to the grid by 2027. Mabini Energy is said to be currently conducting a wind resource assessment for the project.

Basic Energy said Mabini Energy secured a non-disclosure agreement with unidentified entities showing interest in the wind power project based on the data gathered through its wind resource assessment.

“Encouraged by their findings, some of these firms have furthered the discussions with [Mabini Energy] and have signified their intent to submit draft term sheets as potential partners in the Mabini wind power project,” Basic Energy said.

The company added that Mabini Energy will then assess each term sheet submitted to select its potential partner.

In October last year, the company announced that it had installed a meteorological or met mast for the Mabini wind power project.

At the local bourse on Monday, shares in Basic Energy closed 3.51% lower to end at 28 centavos apiece.


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