EDC to raise $100M for Philippines wind farm

The Energy Development Corp. (EDC) will tap the financial markets should it decide to push through with the construction of its 86-megawatt (MW) wind power project in Burgos, Ilocos Norte.

“Right now we don’t need to raise funds. We’re fully funded for the year,” Richard Tantoco, EDC president and chief operating officer, told reporters. “However, if the Burgos wind energy project moves ahead, then we’ll have to tap the market.”

Tantoco said EDC was looking at raising about $100 million to fund the construction of the wind farm, a project that, he said, would entail investments of as much as $2.7 million per MW. If plans don’t miscarry, the Burgos wind project is likely to start either late this year or early next year.

“We’re pushing in terms of getting all the right of way done. We’re also in the process of monitoring tariff developments and finalizing negotiations with two suppliers of wind turbines which we hope to close at the appropriate time,” he added

EDC remains the country’s leading producer of geothermal energy, accounting for 62 percent, or 1,199-megawatts, of the 1,980-MW total installed capacity.

The listed firm is also positioning itself as the premier pure renewable-energy player in the Philippines with its acquisition of 60-percent equity in the Pantabangan-Masiway hydroelectric project and the development of the Burgos wind farm.

A study by the US Department of Energy National Renewable Energy Laboratory earlier showed that 47 out of 73 provinces in the Philippines have at least 500 MW in wind power potential; 25 provinces have at least 1,000 MW.

Another study conducted by the WWF-Philippines showed that 1,038 wind sites in the country could generate about 7,404 MW of electricity. The study also identified 686 wind- potential sites in 28 provinces in Luzon, or equivalent to 4,900 MW.

A total of 305 wind sites with a total potential of 2,168 MW can be found in the Visayas and 47 sites in Mindanao with a generating power of 336 MW, the study showed.

 By Paul Anthony A. Isla, businessmirror.com.ph