ERC gives CoC to EDC’s Burgos wind project

by Lenie Lectura, February 19, 2015
from BusinessMirror

THE Energy Regulatory Commission (ERC) has issued a certificate of compliance (CoC) to Lopez-led Energy Development Corp.’s (EDC) wind-power project in Burgos, Ilocos Norte.

The EDC’s 150-megawatt (MW) Burgos Wind Project (BWP) was earlier granted the provisional authority to operate by the ERC on December 18, 2014, after obtaining the certificate of endorsement (COE) for Feed-in-Tariff (FiT) Eligibility from the Department of Energy (DOE).  The COE for FiT Eligibility was issued by the DOE after validation of the project’s successful commissioning on November 5, 2014.

“The transparent and predictable regulatory regime we have in the Philippines should encourage more players to pursue much-needed renewable-energy [RE] investments in the country.  Few people know that our country is built on an island-arc setting characterized by volcanism, and in such settings we will not have large reserves of oil, natural gas and coal.  We badly need RE to help us become less reliant on volatile imports,” EDC President and COO Richard Tantoco said.

The BWP is the largest wind farm in the Philippines, consisting of 50 units of the Vestas V90 wind-turbine generators (WTGs), which have a rated capacity of 3 MW each. It could generate about 370 GWh every year and avoid an estimated 200,000 tons of carbon emissions.

“We are also happy to help boost the Luzon grid with 150 MW of clean, reliable power, and address the looming power shortage in Luzon and the Visayas,” Tantoco added.

The project is the EDC’s first foray into the wind-energy business and its single-largest investment to date.  A total of $450 million was invested by the EDC in the BWP, including the $315 million in project financing with leading international and local banks, led by EKF, Denmark’s export-credit agency.