Energy Development Corp. (EDC), the Lopez-led geothermal arm, has plans to expand its 87-megawatt Burgos Wind Farm in Ilocos, a ranking official said.
“We’re very excited about the wind because there’s a chance for us to actually expand Burgos,” said EDC president Richard Tantoco.
He said there is room to expand Burgos to 150 MW as soon as the company proceeds with the first 87 MW and amend the Environmental Compliance Certificate to go for the full 150 MW.
“We can do the expansion as soon as the permits are in place,” Tantoco said.
EDC would need around $130 million to $150 million for the expansion of the wind farm.
Tantoco said the company expects to have the expanded project after 2014 or 2015.
EDC earlier signed a deal with Vestas of Denmark, the world’s largest wind turbine manufacturer, as its partner in building the wind farm. Vestas will supply 29 units of 3.0 V90-MW wind turbines.
For the first 87-MW, EDC is investing $300 million to cover the costs of the Burgos Wind Project as well as the construction of substation and transmission lines.
EDC issued P7 billion worth of 10 and 20-year peso bonds to raise the $300 million. It also intends to tap a $100-million loan from foreign banks to cover the rest of the amount.
EDC chairman and chief executive officer Federico Lopez said that with the signing of the deal, the company expects to start commercial operations as schedule. “We have long prepared for this project and we are determined to achieve commerciality at the soonest possible time so we can supply the Luzon grid with clean, sustainable wind energy,” Lopez said in the disclosure.