Basic Energy Eyes Strategic Partner For Mabini Wind Power Project

Listed firm Basic Energy Corporation (BEC), via its subsidiary Mabini Energy Corp. (MEC), is eyeing to finalize a deal with a chosen strategic partner for the targeted commercial development of its 50-megawatt Mabini wind farm project in Batangas.

Photo Insert: The planned Mabini wind farm facility straddles approximately 4,860 hectares of land stretching within Mabini Peninsula, and, once developed, that will add up to supply in the Luzon grid.

In a disclosure to the Philippine Stock Exchange (PSE), the company indicated that it “signed confidentiality agreements with several parties who have shown interest in the ongoing development” of the wind farm venture.

The company added that “MEC will assess each term sheet submitted to best select a partner that will become its strategic collaborator in developing Mabini wind power project and other future projects BEC may enter into.”

It stated that once it decides on a strategic partner, “further details will be provided” and the next steps will be cementing definitive agreements with the chosen party.

At this stage, Basic Energy conveyed that non-disclosure agreements and confidentiality agreements had been signed with several entities, chiefly those that have “shown interest after being provided with the data gathered through the wind resource assessment” – that was after these companies have carried out their respective due diligence activities 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 power project,” the project sponsor-firm expounded.

As cast on blueprint, the planned Mabini wind farm facility straddles approximately 4,860 hectares of land stretching within Mabini Peninsula, and, once developed, that will add up to supply in the Luzon grid.

Corporate vehicle MEC previously reported that a wind resource assessment was being undertaken at the project site since October last year.

Its parent firm Basic Energy primarily stated that the meteorological mast (met mast) had been erected “for the conduct of its wind resource assessment” – that way, the sponsor-firm can fully gauge the electricity generation potential of its awarded wind service contract.

From the initial data gathered, MEC was eventually prompted on securing approval for the installation of a light detection and ranging equipment (LIDAR) “to further enhance the data gathering in the following months.”

The wind energy service contract for the planned Mabini wind farm was awarded by the Department of Energy (DOE) two years ago, and that prompted the pre-development phase being pursued now at the project.

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