Wind power in Philippines: Trans-Asia unit inks P4.3-B financing facility for wind farm

Trans-Asia Oil and Energy Development Corp.’s subsidiary inked a P4.3 billion project financing facility with the Development Bank of the Philippines and Security Bank Corp.

In a disclosure to the stock exchange, Trans-Asia Oil said its unit Trans-Asia Renewable Energy Corp. signed the 15-year project financing facility with the two banks on Wednesday.

Trans-Asia, a member of the Phinma group, said the loan will be used to find the construction of a 54MW wind farm project in San Lorenzo, Guimaras.

Earlier this year, the Department of Energy (DOE) issued a declaration of commerciality of Trans-Asia’s wind project under Wind Energy Service Contract (WESC) No. 2009-10-009.