Through its subsidiary, Simlong Energy Development Corp. (SEDC), Abacore signed a memorandum of agreement with PNOC to assess the feasibility of a 142-hectare onshore wind project in Simlong, Batangas.
Abacore, controlled by Mandanas-linked Blue Stock Development Holdings, said PNOC will handle the permits and hire consultants for a 15-month study of wind potential.
The company is led by chair, president and CEO Raul B. De Mesa, a veteran banker who previously led Bank of Commerce and held key roles in several lenders, including Security Bank.
Based on the filing on Tuesday, SEDC will give access to its site for installing meteorological masts (met masts), using laser and sound detection systems (LiDAR and SODAR), and conducting environmental baseline studies.
If found viable, the project will move forward under a special purpose vehicle, with PNOC’s study costs credited as equity.
Should PNOC opt out after securing approvals, SEDC will assume control and reimburse PNOC’s costs plus a premium.
—Edited by Miguel R. Camus
