Basic Energy and Renova sign MOU for construction of 50MW Mabini Wind Energy Project

I reported last week on Basic Energy [BSC 0.23, up 2.7%] and its progress toward signing a memorandum of understanding (MOU) with Renova Inc to set the framework for signing an eventual Joint Development and Shareholders Agreement (JDSA) for the construction of the 50MW Mabini Wind Energy Project (MWEP). BSC updated the exchange on Friday [link] to say that the MOU has been signed and that both parties are working on getting the JDSA and other agreements signed by the end of Q1/24. BSC has said earlier that it expects to begin full commercial operation of the wind farm by 2027.

MB bottom-line: This news (both the initial announcement and this MOU signing confirmation) has been straight fuel for BSC’s stock price, taking it from P0.1855/share on January 29 to up over P0.2330/share on Friday. That’s a 25% bump in just four trading days on tons of volume. The last time BSC saw this much trading volume was back in October 2021 when the BSC board approved a plan to acquire up to 60% of Filoil Energy Company.

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