A unit of Basic Energy Corp. plans to develop a 50-megawatt wind project in Mabini, Batangas covering an area of 4,860 hectares of land.
Basic Energy disclosed to the Philippine Stock Exchange the board of Mabini Energy Corp. that its wholly-owned subsidiary approved the principal terms of the pro-forma wind energy service contract with the Department of Energy.
The pro-forma contract provides for a non-extendible, five-year pre-development stage and a 25-years development phase, starting from contract signing. The contract is extendible for another 25 years, subject to the approval of the DOE.
Basic said it would make subsequent disclosures upon final approval of the WESC by the DOE and awarding of the contract to Mabini Energy.
Basic Energy plans to develop more projects with the expected P2.8-billion infusion from MAP 2000 Development Corp. (M2DC) for the acquisition of at least 67 percent of the outstanding capital stock of the company.
