The new $315m loan, which will mature in 15 years, will be guaranteed by Danish export credit agency Eksport Kredit Fonden.
The BWP, which is expected to be the largest wind farm in the Philippines, will receive the Feed-in-Tariff (FIT), which the Department of Energy will grant to 200MW of wind projects on a first to commission, first served basis.
The power generated from the project will be sold under the FIT system in compliance to the Renewable Energy Act of 2008.
EDC president and chief operating officer Richard Tantoco said: "This fresh loan is a sign of confidence from funding institutions on EDC’s ability to execute a strategic business plan for our wind project amidst intense competition in the renewable energy industry.
"With construction in full swing, we are confident that we will meet our target commissioning date and avail of the Feed-in-Tariff.
Featuring a total of 50 large scale Vestas V90-3.0MW wind turbines and ancillary plant to be supplied and constructed by Vestas, the project comprise a 115kV transmission line.
Tantoco said: "This project underlines EDC’s strategy to be the country’s leading diversified renewable power company. As we provide 370 GWh of electricity to power approximately 2 million households, we also will displace about 200,000 tons of carbon emissions annually.
The transmission line connects the wind farm from the Burgos substation to the Laoag substation of the National Grid Corporation of the Philippines (NGCP), as well as the expansion of the switchyard/substations.
Image: Wind power represent a small percentage of the total energy output of the Philippines. Photo: courtesy of 2nix/FreeDigitalPhotos.net.
