Energy Development Corporation (EDC) has signed a $90 million facility with Australia and New Zealand Banking Group and Muzuho Bank.
EDC has sought another financing facility for the construction of its Burgos wind project in Ilocos Norte.
Nestor H. Vasay, chief finance officer, EDC said the amount will be used for the $150 million bridge loan needed for the expansion of the Burgos wind farm, the company’s first such project.
EDC’s Burgos wind project is located in an area covering three barangays, namely, Saoit, Poblacion and Nagsurot, in Burgos, Ilocos Norte. The project is expected to complete the 87-megawatt first phase in the fourth quarter this eyar and the 63 MW expansions in the first quarter, 2015.
The 150 MW Burgos wind project, once completed, will be the largest operating wind farm in the Philippines, generating approximately 365 gigawatt-hours a year to supply electricity requirements of over a million households.
EDC earlier signed separate 2-year bridge facilities totaling P2.7 billion with Philippine National Bank (PNB) and Security Bank Corp.