Energy Development Corp. of the Lopez group plans to raise as much as $200 million in dollar-denominated bonds to partially finance an 86-megawatt wind project in Ilocos Norte.
EDC director Francis Giles Puno told reporters that the company would raise the fund in the first quarter of 2011.
The proposed 86-MW wind project could cost about $250 million based on $3 million per MW of generated electricity.
Puno said the Burgos project would be the country’s largest wind farm when it becomes operational.
The company has also sought government approval to build wind projects in Camiguin, Dinagat Island and Surigao provinces.
Puno said the EDC wanted to pursue the wind project right away in line with its thrust to pursue clean and green power stations.
EDC is the country’s largest geothermal energy provider with a total power generating capacity of 1,116 megawatts, or equivalent to 62 percent of the country’s installed capacity.
It also owns and operates the 122-megawatt Pantabangan-Masiway hydroelectric plants in Nueva Ecija province.
Parent First Gen Corp., meanwhile, is looking at building three mini hydro projects in Mindanao. The company is finalizing the feasibility studies for the three hyrdos that will have a combined capacity of between 50 MW and 60 MW.
Puno, who is also the president of First Gen, said construction of the three hydro plants could cost as much as $150 million.
First Gen hopes to start construction of the hydro plants next year and complete them in the next two to three years.
Puno said the Lopez group was interested in bidding to manage the contracts of independent power producers of several hydro and geothermal power projects.
Among these are the 140-MW Casecnan hydroelectric power plant in Nueve Ecija, the Caliraya-Botocan-Kalayaan hydro in Laguna, the 640-MW Unified Leyte geothermal assets, and the Agus hydro complex, which is composed of six plants with a combined capacity of over 700 MW.
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