Basic Energy Corp. (BSC) has accepted a subsidiary’s plan to enter into a service contract with the Department of Energy (DOE) for the development of a 50-megawatt wind farm in Batangas.
BSC said in a disclosure that its board had ratified a decision of the board of wholly owned Mabini Energy Corp. to approve a pro forma wind energy service contract with the DOE.
The contract provides for a one-time, five-year predevelopment period as well as a 25-year development stage, which can be extended by another 25 years if the DOE approves.
The potential project is to be located in a 4,860-hectare area on Mabini Peninsula in Mabini, Batangas.
This development comes as the parent comp…
Keep on reading: Basic Energy unit eyes service contract with DOE