Philippine EDC agrees some loans to back 150-MW wind project

Jun 17, 2014 - Philippine renewable energy firm Energy Development Corp's (PSE:EDC) said today it had secured PHP 2.7 billion (USD 61m/EUR 45m) in loans to support the second phase of its 150-MW Burgos wind project.

The company has agreed separate two-year bridge loans with Philippine National Bank (PSE:PNB) and Security Bank Corporation (PSE:SECB). The proceeds will partly finance the 63-MW phase II wind farm’s construction, while EDC is working on the project financing deal.

The 150-MW wind park is estimated to produce some 365 GWh per year, which is enough to meet the needs of more than a 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.

Recently, Danish wind turbine maker Vestas Wind Systems A/S (CPH:VWS) won an order to supply the 21 turbines for the Burgos project’s second phase, which is planned to be completed in the first quarter of 2015.

EDC owns and operates 1,150 of geothermal power plants and 132 MW of hydropower capacity.

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