Basic Energy Corp. said Monday wholly-owned subsidiary Mabini Energy Corp. signed confidentiality agreements with several interested parties in the development of the 50-megawatt Mabini wind project in Batangas province.
The Mabini wind energy project covers about 4,860 hectares in the Mabini Peninsula, with an estimated generating capacity of at least 50 MW.
BEC said in a disclosure to the stock exchange MEC indicated that it had signed non-disclosure agreements/confidentiality with several entities after being provided with the data gathered through the wind resource assessment through the course of their due diligence on the project.
“Encouraged by their findings, some of these firms have furthered the discussions with MEC and have signified their intent to submit draft term sheets as potential partners in the Mabini Wind project,” BEC said.
It said MEC would assess each term sheet submitted to best select a collaborator in developing Mabini Wind Energy Project and other future projects BEC may enter into.
“Further details will be provided once more definitive agreements are set to be executed among the parties,” BEC said.
It said MEC’s wind resource assessment is still ongoing.