Energy Development Corp.’s 150-megawatt Burgos wind power project in Ilocos Norte was named the Asia-Pacific Renewables Deal of the Year by Project Finance International.
The Burgos wind energy project is largest wind farm in the Philippines. It used 50 units of the Vestas V90-3.0MW wind turbines and ancillary plant constructed by Vestas, the world’s leading wind turbine manufacturer.
The PFI awards, which will take place on Feb. 4, 2015 in London, United Kingdom, is considered the most prestigious award in the global project finance industry given to projects that achieved innovative deal structuring and execution for the year.
PFI, in its newsletter, cited the Burgos wind project as a ground- breaking project for being the first wind farm project financing in the Philippines to reach financial close.
It also noted that EDC achieved financial close despite the absence of an off-take agreement.
In the PFI article on BWP, the authors noted that “financing for the project is a significant achievement by EDC’s project and finance teams, and that developers and banks will welcome this sign of confidence in the Philippines’ renewable sector and its feed-in tariff scheme.”
“We are honored by the recognition given by the international finance community. This is a resounding vote of confidence for EDC’s execution capability and a validation of the country’s sound energy policies that generate investments for the Philippines. We believe that this will encourage more financial support to boost much-needed renewable energy development in the country,” EDC president and chief operating officer Richard Tantoco said.
The Burgos wind project achieved successful commissioning on Nov. 5, 2014 following its nomination by the Energy Department for feed-in tariff eligibility.
Both phase 1 and phase 2 of the project, totaling 150 MW, were endorsed by the Energy Department to qualify for the FIT on Nov. 11, 2014.
The Energy Regulatory Commission issued the provisional authority to operate to the Burgos wind project on Dec. 18, 2014.
The project is EDC’s first foray into the wind energy business. It represents the company’s single largest investment to date.
EDC invested $450 million in BWP including the $315 million in project financing with leading international and local banks led by EKF, Denmark’s export credit agency.
It will provide 370 gigawatt-hours of electricity to power around two million households and the project will displace about 200,000 tons of carbon emissions annually.