MANILA-BASED Asian Development Bank (ADB) will help develop the largest wind farm in the Philippines by investing $20 million in the 150-megawatt Burgos wind farm in Ilocos Norte through a financing assignment agreement.
The ADB said its co-financiers include Eksport Kredit Fonden, international commercial banks, and local commercial banks.
The Burgos wind farm was completed in November 2014 and is owned and operated by EDC Burgos Wind Power Corp. (EBWPC), a unit of Energy Development Corp. (EDC).
“This Burgos wind farm is a major contributor to the government’s drive to scale up renewable energy use and to reduce its reliance on coal and petroleum for power generation,” said Christopher Thieme, director of ADB’s Private Sector Operations Department.
The lender also lauded the Philippines in its effort to build up its renewable energy sector with the goal of cutting its heavy dependence on fossil fuels for electricity generation.
It said the country’s untapped renewable energy resources are estimated at about 250,000 MW and the Department of Energy is targeting about 2,870 MW of additional installed capacity from these sources by 2030.
“The operation of this farm will avoid the production of over 200,000 tons of carbon dioxide equivalent emissions a year, making it a sustainable energy source for the country,” Thieme said.
ADB said the wind farm will contribute to the government’s drive to diversify its fuel mix and to meet rising power demand without the use of fossil fuel generation plants.
“The Burgos Wind Project is one of EDC’s proudest achievements as a company. We are happy of our lenders’ strong support for the project. ADB’s entry is yet another testament that Burgos is a world class project, meeting the high standards of multilateral funding organizations,” said Richard Tantoco, EDC president and chief operating officer.