We are thrilled to collaborate with Renova on this important initiative.—Basic Energy, in a disclosure to the Philippine Stock Exchange
Basic Energy Corp. and Japan’s Renova Inc. said Monday they completed a joint development and shareholders’ agreement (JDSHA) for their wind energy venture, RDG Wind Energy Corp. (RWEC).
“We are thrilled to collaborate with Renova on this important initiative,” Basic Energy said in a disclosure to the Philippine Stock Exchange.
“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,” it said.
The company said the closing followed its fulfillment of conditions outlined in the JDSHA, with some items transitioning to subsequent conditions as agreed by the partners.
Minor amendments were made to the JDSHA to clarify the equity allocation between Basic Energy and Renova in RWEC, it said.
With the closing, Renova officially becomes a partner in RWEC and will contribute expertise and resources to the 50-megawatt Mabini Wind Energy Project, covered by Wind Energy Service Contract No. 2021-01-142 from the Department of Energy.
The service contract covers 4,860 hectares in the Mabini Peninsula, with a potential capacity of 50 MW.
Basic Energy said a reorganization of RWEC was undertaken, with representatives from both companies joining the board and a new management team established.
The partners will now focus on advancing the project to its next phase, following a successful wind resource assessment and a favorable System Impact Study from the National Grid Corporation of the Philippines (NGCP).