MANILA, Philippines – Lopez-led Energy Development Corp. (EDC) has secured bridge financing amounting to P2.7 billion to partly finance the construction of the Burgos Wind Farm in Ilocos Norte.
In a disclosure to the stock exchange on Tuesday, EDC said it signed separate two-year bridge facilities with Philippine National Bank and Security Bank Corporation to fund phase 2 of the 150-megawatt wind farm project.
“The 150-megawatt Burgos Wind Project will be the largest operating wind farm in the Philippines, generating approximately 365 GWh annually to supply electricity requirements of over a million households,” EDC said in the disclosure.
“It is expected to help address the power supply situation in the Luzon grid, which needs an additional 4,200 megawatts in the next 10 years due to the projected 4.5 per cent annual increase in electricity demand,” it added.
The first phase of the project will be completed by the fourth quarter of this year while the second phase is expected to be completed by the first quarter of 2015.
The Burgos wind project covers an estimated 600 hectares across barangays Saoit, Poblacion, and Nagsurot.
Privatized in 2007, EDC is still the country’s largest geothermal energy producer.