(The Philippine Star) | Updated April 18, 2013 - 12:00am
MANILA, Philippines - Lopez-led Energy Development Corp. (EDC) has broken ground for its 87-megawatt Burgos wind project in Ilocos Norte, marking its first foray into the wind energy business.
EDC had signed a deal with leading wind turbine supplier Vestas last month for the construction of the ambitious $300-million wind farm project.
The groundbreaking marks the start of early works development for the Burgos wind project, EDC president and chief operating officer Richard Tantoco said.
He said the project, which is expected to be operational next year, would help ensure power stability in the Luzon grid as well as boost employment and tourism in the province.
“The project will spur development in Ilocos Norte by attracting more investments and eventually create more and better opportunities for the residents,” Tantoco said.
Once operational, the Burgos wind project is expected to generate approximately 233 gigawath-hours of electricity annually and power over a million households, EDC also said in a disclosure to the Philippine Stock Exchange yesterday.
The Luzon grid needs an additional 4,200 MW in the next 10 years because of the projected 4.5-percent annual increase in electricity demand.
EDC earlier set aside P32 billion for its capital expenditures (capex) program for the year as it strengthens its foothold in the country’s growing renewable energy industry.
This year’s capex, P11 billion more than last year’s allotment of P22 billion, will be spent mostly for the Burgos project.
The Burgos project is part of the move of First Gen Corp., the parent firm of EDC, to be the country’s leading renewable energy firm.
The company is optimistic of its business prospects this year, with revenues expected to hit P30 billion, or P4 billion more than the P26 billion EDC generated in 2012, officials said. – With Artemio Dumlao source
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