MANILA, Philippines – Lopez-led Energy Development Corp. (EDC) has signed an estimated P3.9 billion ($90 million) bridge financing agreement to fund its Burgos wind project in Ilocos Norte.
“The proceeds of the facility completes the bridge financing for the 63 MW Phase 2 of Burgos Wind Project,” the firm said in a disclosure to the stock exchange on Friday.
EDC said Australia and New Zealand Banking Group Limited and Mizuho Bank Ltd acted as mandated lead arrangers and bookrunners for the transaction.
The Burgos Wind Project covers 686 hectares across barangays Saoit, Poblacion, and Nagsurot in Burgos.
EDC said with financing in place, it is on track to complete construction of the project’s phase 1 by the fourth quarter of 2014 and the phase 2 by the first quarter of 2015.
“The project will reinforce EDC’s position as the country’s premier renewable energy company, adding 150 MW of wind capacity to its existing 1,150 MW geothermal and 132 MW hydro power assets,” EDC added.