Wedoany.com Report-Feb 18, Basic Energy Corporation and Japan-based Renova Inc. have completed the joint development and shareholders’ agreement for the development of the Mabini Wind Energy Project.
Following this development, a company disclosure said Renova officially became a partner in RDG Wind Energy Corporation (RWEC). The Japanese firm is expected to contribute its expertise and resources to the Mabini Wind Energy Project.
A reorganization of RWEC was immediately undertaken, incorporating representatives from both Basic and Renova to the board of directors of RWEC, along with the establishment of a new management team consisting of key personnel from both companies.
Minor amendments to the JDSHA have been implemented to further clarify the equity allocation between Basic and RENOVA in RWEC.
The parties will now focus on advancing the wind project to its next phase, following the completion of a wind resource assessment and the issuance of a favorable System Impact Study by the National Grid Corporation of the Philippines.
