(The Philippine Star) | Updated May 20, 2013 - 12:00am
MANILA, Philippines - Energy Development Corp. (EDC), the Lopez-led geothermal company, is on track to commence commercial operations of its 87-megawatt Burgos Wind Project in Ilocos Norte, its top official said yesterday.
This as the Department of Energy (DOE) has issued the project a Certificate of Confirmation of Commerciality, EDC president Richard Tantoco said.
The confirmation of commerciality allows EDC to develop, construct, operate and maintain the wind power project.
“This milestone affirms our efforts to pursue and fast track the project in order to be the first to achieve commercial operations by 2014,” Tantoco said.
He said the company recently raised P19 billion from a club loan of $80 million plus P7 billion from recently issued bonds.
“We have, without a doubt, a fully funded business plan,” Tantoco said.
The $300 million Burgos wind project is EDC’s first foray into the wind energy business.
EDC broke ground for the project last April 19 after signing an EPC contract with Vestas, the world’s leading wind turbine manufacturer, on March 1.
Tantoco said BWP, which could be the largest wind farm in the Philippines, is expected to generate approximately 233 GWh annually, enough to supply the energy demand for over a million households.
Furthermore, Tantoco said, the project would augment Luzon grid’s dependable capacity.
The grid needs an additional 4,200 MW in the next 10 years, EDC also said.
Tantoco said that the company may double the capacity of EDC given its viability.
He said there is room to expand Burgos to 150 MW as soon as the company proceeds with the first 87 MW. source
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