Manila Standard Today reported that UPC Renewables Philippines, a unit of UPC Asia, is pursuing two more wind farm projects in Burgos, Ilocos Norte with a combined capacity of 134 MW.
UPC Renewables, through Northern Luzon UPC Asia Corporation, has pending wind service contract applications with the Energy Department for the 90 MW Bayog project and the 44 MW Buduan facility.
UPC Asia, the mother company of UPC Renewables, is one of Europe’s largest wind power developers. The company plans to develop over 450 MW of wind projects around the country. Its first project, Northern Luzon UPC Asia, is the 80 MW wind station in Pagudpud, Ilocos Norte.
Mr Troels Carstensen MD of UPC Renewables said that the group would invest USD 200 million for the 80 MW wind project in Pagudpud. He added that “We had decided to concentrate on the first 80 MW. One thing is to see the Renewable Energy law is in place, the other is we want to test it as we go along and see whether all incentives being stipulated in the law is making good for our project.”
He said the company was in talks with Development Bank of the Philippines and Land Bank of the Philippines to finance the Pagudpud project and with PhilExim Bank to extend a loan guarantee.