Philippines' EDC Clinches Funds for 87-Megawatt Burgos Windfarm

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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--Energy Development Corporation (EDC) (Manila), the Philippines' largest geothermal energy producer, has secured an $80 million loan that completes the funding arrangements for the 87-megawatt (MW) Burgos wind project in Ilocos Norte.

Mizuho Corporate Bank (Tokyo, Japan) and Sumitomo Mitsui Banking Corporation (Tokyo) made the arrangements, with Mizuho acting as agent.

The completion of the loan arrangement for the $342 million project signals the beginning of work on the windfarm, which is scheduled to go into operation in 2014.

Vestas Wind Systems (OTC:VWDRY) (Copenhagen, Denmark), the world's largest wind turbine maker, has been selected as equipment supplier for the project, the site for which covers about 600 hectares across the districts of Barangays, Saoit, Poblacion and Nagusrot. The project will use 29 V90 turbines and will generate about 233 gigawatt-hours (GWh) per year, enough to power more than 1 million local households.

The project's scope includes the construction of a 115-kilovolt (kV) transmission line, which will connect the windfarm substation at Burgos to the Laoag substation of the National Grid Corporation of the Philippines. The expansion of the switchyard substations is included.

EDC claims to be the world's largest integrated geothermal energy producer and a leading renewable energy company in the Philippines. The company has a portfolio of 1,130 MW of geothermal and 132 MW of hydropower.

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