A 50 MW wind power project in Negros Occidental, Philippines will be completed late next year, reported Business World.
First Maxpower International (FMIC) has undertaken the construction and testing and commissioning is scheduled in November 2015.
The project coming up in the municipality of Pulupandan has completed 50 percent works.
The total cost of the project is $124.475 million, which will be funded through 70 percent debt and 30 percent equity.
First Maxpower signed for the project deal in September last year.
The electricity generated by the plant will be dispatched to the grid at a rate of P8.53 per kilowatt-hour for a period of 20 years, under the feed-in-tariff program.
First Maxpower, is a Filipino-owned power company established in 2009, engaged in renewable energy power generation.
Company officials claimed that, the project will benefit the town of Pulupandan through a share from its revenue, local business tax and property tax. It will also employ local workers during its construction and operation and maintenance of the facility. In the area of tourism, the project is expected to attract tourists.
Moreover, company also secured the environmental compliance certificate from concerned agencies.
Negros Occidental, is considered as the renewable energy capital of the Philippines as various forms of renewable energy sources are being used or in the pipeline for development.