Basic Energy Corp (BEC) said on Friday it is transferring shares from its wholly-owned RDG Wind Energy Corp. to another unit, Basic Diversified Industrial Holdings Inc.
The company told the Philippine Stock Exchange the transaction is part of preparations for finalizing a joint development and shareholders agreement (JDSHA) with RENOVA Inc, signed on April 17, 2024.
“The sale represents a key milestone in the ongoing partnership between Basic Energy and RENOVA in relation to the Mabini Wind Energy Project. This project recently completed its wind resource assessment (WRA), yielding positive results regarding the site’s wind conditions,” BEC said.
The JDSHA will involve transferring some BSC shares to RENOVA, giving the latter a 50-percent stake in the project, BEC said.
“The partnership with RENOVA is seen as a necessary step toward realizing the fulfillment of the Mabini Wind Energy Project. RENOVA brings with it years of expertise and knowledge in developing renewable energy projects,” the company said.