|
NorthWind Power Development Corp. is set to expand
its wind farm in Bangui Bay, Ilocos Norte by a third of its capacity
this year.
Vincent S. Perez, Northwind
director, said the company closed a financing deal worth $13.1
million from the Danish International Development Agency’s (DANIDA)
Mixed Credit Facility last October for the expansion of the 24.75
megawatt wind farm by 8.25 megawatts.
He said state-run Philippine
Export Import Credit Agency (Philexim) issued a guarantee to the
company’s borrowing from DANIDA.
The additional capacity by the
developer of the first wind farm in the Philippines and Southeast
Asia represents the second phase of its Bangui Bay Project,
consisting of 5 units of 1.65 megawatt wind turbines, for a total of
20 such turbines. The expansion is scheduled for completion in
September this year.
Perez, who is also chairman of
energy advisory firm Merritt Partners and managing director of
renewable power developer Alternergy, said that investments in
renewable energy sources such as wind, hydro and solar power is
expected to pick up.
“After an extensive road show
in the US, Middle East and Europe, we were able to identify $150
million in equity commitment into Alternergy from foreign investors,
primarily for wind power development,” he said.
“With the growing interest in
renewable power sources, an increase in foreign investment is
projected for renewable projects in emerging countries,” he added.
Alternergy has an indirect
minority stake in Northwind.
--Euan Paulo C. Añonuevo
|
