Alternergy to get USD-130m loan for 67.5-MW wind park in Philippines

Jul 1, 2013 - A group of banks led by Philippine-based BDO Capital & Investment Corp, part of BDO Unibank, has agreed to provide a USD-130-million (EUR 100m) loan to local firm Alternergy Wind One Cor for a 67.5-MW wind project.

Alternergy is a joint venture between Alternergy Viento Partners Corp and Korea East West Power, a unit of Korea Electric Power (SEO:015760), or Kepco.

The company said in a statement on Friday that the USD-130-million loan is the first wind project financing extended by Philippine commerical lenders only. The consortium of banks also includes Philippine National Bank, Rizal Commercial Banking Corp and China Banking Corp. The loan has a term of 12 and a half years.

The Pililla wind park, to be located in northern province of Rizal, will feature 27 wind turbines to be up and ready to run by the end of 2014. The project received the Confirmation of Commerciality from the country's Department of Energy (DOE) in May.

(USD 1.0 = EUR 0.769)

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