Connect with us

Hi, what are you looking for?


Basic Energy unit plans 50-MW wind farm in Batangas

A UNIT of Basic Energy Corp. has approved the principal terms of a 50-megawatt (MW) wind energy service contract with the Energy department in Mabini, Batangas, the listed firm disclosed on Wednesday.

In a regulatory filing, Basic Energy said that the board directors of its wholly owned subsidiary Mabini Energy Corp. also greenlit the move for Oscar L. de Venecia, Jr., the parent firm’s president, to sign the service contract, which would cover 4,860 hectares of land in Mabini Peninsula.

The company said the pro-forma wind energy service contract provides for a non-extendible five-year pre-development stage and a 25-year development stage, counted from contract signing, which is extendible for another 25 years, subject to the approval of the Department of Energy (DoE).

Basic Energy added that it would disclose more information once the DoE approves the contract, and when the contract is awarded to Mabini Energy.

A wind energy service contract is awarded by the DoE to qualified applicants who pass the legal, technical and financial evaluations on proposed wind power projects, which are intended for commercial use, the department said in its work program on on-shore wind projects.

In October 2019, the company said that it was considering venturing into wind power in Luzon. Basic Energy’s Mr. De Venecia previously said that the firm was looking into setting up a 40- to 50-MW wind farm in partnership with a foreign entity.

Wednesday’s disclosure comes after the company disclosed in December last year that it had signed a memorandum of agreement that provided for the sale of 67% of its outstanding capital stock to MAP 2000 Development Corp.

The shares will be subscribed and issued out of the increase in Basic Energy’s authorized capital stock to P5 billion from P2.5 billion, which is awaiting approval from the Securities and Exchange Commission.

The company said the increase in its authorized capital stock was meant to create enough shares of stock for subscription by possible investors.

Basic Energy shares in the local bourse jumped 12.26% or 0.13 centavos to close at P1.19 apiece on Wednesday. — Angelica Y. Yang

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



KAI Sotto has taken his talents from Australia to Japan to play for the Hiroshima Dragonflies. The Dragonflies yesterday announced the signing of the...


AFTER a 17-year wait, Grandmaster (GM) Darwin Laylo is back on top as the country’s top chess player. The 42-year-old Mr. Laylo recalled the...


PHILIPPINE pool queen Rubilen Amit is far from calling it a career. But when the time comes, she hopes to leave a legacy not...


CAVITE Governor Jonvic Remulla will take the place of Samahang Basketbol ng Pilipinas (SBP) President Al Panlilio as the country’s chef-de-mission (CDM) to next...


THE PREMIER League (PL) has referred Manchester City to an independent commission over more than 100 alleged breaches of finance rules since the club...


PHOENIX Suns President and CEO Jason Rowley resigned Monday, hours before the team’s sale was officially approved by the National Basketball Association (NBA) Board...

You May Also Like


Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.