BASIC Energy Corp. (BSC) signed the memorandum of understanding (MOU) with Renova Inc. (Renova) about the Mabini Wind Energy Project in Mabini, Batangas.
This comes after the board gave its approval to sign the MOU on Jan. 29, 2024.
The signing of the MOU is the initial and definitive step of the parties towards the signing of a Joint Development and Shareholders Agreement (JDSHA) with Renova, signifying and cementing its partnership with BSC (through its wholly owned subsidiary Mabini Energy Corp. as the Special Purpose Company/Vehicle) in the Mabini Wind Energy Project.
The MOU signing comes after Renova saw the potential viability of the project based on its initial and ongoing due diligence.
The scheduled signing of agreements like the JDSHA is set to be finalized by the end of the first quarter of this year.
Renova is a Japanese publicly listed company that was incorporated on May 30, 2000.
Renova is known to be one of the leading companies in the growing renewable energy market of Japan.