by Riza Olchondra, January 5, 2015
from Philippine Daily Inquirer
Lopez-led Energy Development Corp. said in a statement that its 150-megawatt Burgos wind project, its first foray into wind energy, would be named next month as the Asia-Pacific Renewables Deal of the Year by Project Finance International (PFI).
The renewable energy firm said the Burgos wind project was cited for being the first of its kind in the Philippines to secure financing, even though the developer does not have an off-take or supply agreement.
The Burgos project was commissioned on Nov. 5, 2014.
EDC said the PFI awards, which will take place on Feb. 4, 2015, in London, is widely considered to be the most prestigious award in the global project finance industry.
“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 COO Richard Tantoco said.
The project represents EDC’s single largest investment to date.
EDC has invested $450 million in the Burgos wind project.
At 150 MW, the Burgos wind project is the largest wind farm in the Philippines. It used 50 units of the V90-3.0MW wind turbines and an ancillary plant constructed by Vestas, the world’s leading wind turbine manufacturer.