A subsidiary of Trans-Asia Oil and Energy Development Corp. has secured project financing of P4.3 billion from the Development Bank of the Philippines (DBP) and Security Bank Corp.
In a filing with the Philippine Stock Exchange, Trans-Asia disclosed that its subsidiary, Trans-Asia Renewable Energy Corp. (Tarec), signed on Thursday a 15-year, P4.3-billion project financing facility with the DBP and Security Bank.
The loan, according to Trans-Asia, will be used to fund the construction and development of the 54-megawatt wind farm project in San Lorenzo, Guimaras.
The wind farm is expected to be in commercial operations within 16 months from the start date of the engineering, construction and procurement contract (EPC).
The Department of Energy earlier gave its certificate of declaration of commerciality to Tarec for the P6.3-billion Guimaras wind project.
Trans-Asia said that the Energy department would still determine the project’s eligibility to avail of the feed-in tariff upon project commissioning, and affirmation of the start of commercial operations.
To date, Trans-Asia is pursuing wind energy projects with a target capacity of 350 megawatts. These projects are poised to position Trans-Asia as one of the largest wind energy developers in the country.
Besides the Guimaras wind project, Trans-Asia also has service contracts to develop more wind farms across the country.