BASIC ENERGY Corp.’s board of directors has approved a P31-million initial budget for the assessment of a wind power project under its subsidiary Mabini Energy Corp.
In its disclosure to the exchange, Basic Energy said its board during a meeting on Feb. 24 had given the green light to the wind resource assessment of Mabini Energy’s wind power project, which will start soon with an estimated initial budget of around P31 million.
The approved project proposal aims to build a 50-megawatt wind farm in Mabini, Batangas covering an area of 4,860 hectares, the parent company said in an earlier disclosure.
The energy firm will then discuss the project with the land owner where the tower will be built and coordinate with the local government for necessary documents.
Meanwhile, the firm’s board also approved the proposed P40-million budget for this year’s capital and operating expenses of its Green Energy Transport Project. The budget will be disbursed on a quarterly basis.
“The board had decided to proceed with initiatory actions and negotiations on the solarization project and for the project to initially be housed in [Basic Energy] until the board comes to a decision on which corporate vehicle to use, taking into consideration the requirements to be met once project becomes fully operational,” the company said.
The project seeks to solarize 30 retail station sites, tied with other commercial or public transport group, and acquire 60 electric buses.
So far, five of the 15 oil companies that were tapped have signed a memorandum of understanding with the firm.
Shares in Basic Energy at the local bourse closed unchanged on Monday at 51 centavos apiece. — Marielle C. Lucenio
