BASIC Energy Corp. has signed an agreement with Japanese firm Renova Inc. for a potential wind energy project in Mabini, Batangas.

The company's board approved the memorandum of agreement (MoU) last Monday, Jan. 29, 2024, Basic Energy said in a statement on Friday.

"The MoU signing comes after Renova Inc. saw the potential viability of the project based on its initial and ongoing due diligence review of the data gathered from the met mast installed in the project area as well as those gathered from the light detection and ranging system procured by the company's subsidiary, Mabini Energy Corporation, back in 2023," it added.

Basic Energy said the MoU was an initial step toward the forging of a joint development and shareholders agreement.

"[T]he scheduled signing of the subsequent definitive agreements like the JDSHA is set to be finalized by the end of the first quarter of this year," it added.

The planned development covers 4,860 hectares in the Mabini peninsula with a potential capacity of 50 megawatts. It is expected to operate and deliver power to the grid by 2027.

Basic Energy's share price rose 6 centavos to P0.231 on Friday.

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