EDC signs bridge financing for Burgos wind project
Energy Development Corporation (EDC), pioneer in the geothermal energy industry, has secured financing packages to partly bankroll the construction of Phase 2 of the 150MW Burgos Wind Farm in Ilocos Norte, Philippines.
The financing packages, 2 separate 2-year bridge facilities, have been provided by Philippine National Bank (PNB) and Security Bank. The facilities amount is P2.7 billion (US$41.4 million).
The company also plans to raise US$315 million for the project. The expansion raises the total project investment cost to US$450 million from US$300 million originally (phaseI).
The 150MW Burgos Wind Farm will be developed in two phases: 87MW (phase 1) expected to be operational by the end of 2014 and 63MW (phase 2) which is expected to be operational by the beginning of 2015.
EDC had selected Vestas, the world’s largest wind turbine manufacturer, for the construction of the Burgos project Phase I. Vestas also supplies the 29 V90-3.0 MW wind turbines which had been selected for the project. Burgos Wind Project also signed a 10-year Operations and Maintenance Agreement with Vestas, which features an energy-based availability guarantee.
After the expansion, the Burgos Wind Farm will be the largest operating wind farm in the Philippines, generating approximately 365 gigawatt-hours for over a million households.
EDC is the world’s largest integrated geothermal producer and one of the leading renewable energy companies in the Philippines with a portfolio of 1,150 MW of geothermal, and 132 MW of hydroelectric power generation.
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