EDC agrees USD-315m loan for 150-MW wind project

Oct 20, 2014 - Philippine-based Energy Development Corp (PSE:EDC) said Friday it had secured USD 315 million (EUR 247m) in loans to support the construction of its 150-MW Burgos wind farm.

The financing will be provided by a consortium of foreign and domestic lenders and will be denominated in US dollars and Philippine peso. It will mature in 15 years. Australia and New Zealand Banking Group (ASX:ANZ), ING Bank NV and Malayan Banking Berhad (KLSE:MAYBANK), among others, served as mandated lead arrangers for the foreign component. The local part of the financing was arranged by PNB Capital and Investment Corp and SB Capital Investment Corp.

The 150-MW Burgos wind park, comprising 50 Vestas turbines, will operate under the Philippine’s feed-in tariff (FiT) programme. Once Completed, the facility is estimated to produce some 370 GWh per year, which is enough to meet the needs of almost two million local homes, EDC calculates. The project’s first phase, with a total capacity of 87 MW, will be wrapped up in the fourth quarter of this year. The second phase is expected to be finalised by the opening quarter of 2015, the developer said previously.

EDC is involved in the geothermal, hydropower and wind sectors. The power producer has more than 1,400 MW of renewable energy capacity in its portfolio, it says on its website.

(USD 1.0 = EUR 0.784)

Choose your newsletter by Renewables Now. Join for free!