Energy Development Corporation in the Philippines has signed $315 million of loan agreement with several national and international banks, aiming fund for the country’s largest wind energy project, reports Clean Tecnica.
The Burgos Wind Project is in its final stages of commissioning. It will gain the advantage of the feed-in tariffs offered under the Renewable Energy Act of 2008.
The loan will be paid in US dollars and Philippine Peso with a maturity period of 15 years.
Australia and New Zealand Banking, DZ Bank AG, ING Bank NV, Malayan Banking, and Norddeutsche Landesbank Girozentrale will take care of the foreign funding.
BDO Unibank, Land Bank of the Philippines, Philippine National Bank and Security Bank are responsible for the domestic funding.
Philippines government, under the feed-in tariff scheme, will provide feed-in tariffs to 200 MW of wind energy projects on a “first to commission, first served” basis, representing 150 MW wind energy capacity.
The project consists of 50 of the Vestas V90-3 MW turbine, which is expected to generate 370 GWh of electricity, neutralizing about 200,000 tons of carbon annually.
EDC is now venturing into solar and wind energy sectors, with one solar power project and six wind energy projects from the Department of Energy.
The Philippines has set a target of increasing renewable energy capacity by 2030. The government aims to have an installed renewable energy capacity of 15,400 MW to address half of the country’s power demand.
Sabeena Wahid
editor@greentechlead.com