150-MW Burgos wind farm in Philippines. Source: Asian Development Bank (ADB). License: All Rights Reserved
The Asian Development Bank (ADB) said Friday it has supported the financing of the 150-MW Burgos wind farm in the Philippines, built by local firm Energy Development Corp (PSE:EDC).
The bank will be assigned up to USD 20 million (EUR 18.4m) of the wind farm's debt under an agreement with a group of international lenders for the project. The deal involves a facility covered by guarantee from Eksport Kredit Fonden, Denmark's export credit agency.
The wind farm, the largest in the Philippines, is located in the northern province of Ilocos Norte. It was completed in November 2014. The project reached financial close in October 2014, securing USD 315 million through a 15-year financing deal with foreign and local banks, EDC noted in a separate statement.
"This Burgos wind farm is a major contributor to the government’s drive to scale up renewable energy use and to reduce its reliance on coal and petroleum for power generation," said Christopher Thieme, director of ADB's private sector operations department.
The country's Department of Energy targets about 2,870 MW of additional installed renewables capacity by 2030.