EDC president Richard Tantoco (10th from left), CFO Nestor Vasay (12th from left) and VP Erwin Avante (8th from left) with (from left) Rod Morrison (PFI), Luis Elizaga (Security Bank Corp.), Willem van Nouhuys (ING Bank), Jae Lemin (Herbert Smith Freehills), Joseph Lledo (BDO Unibank Inc.), Jorgen Kragh (Eksport Kredit Fonden), Marina Kurkina (DZ Bank), Hinrich Holm (Norddeutsche Landesbank), Steven Mulder (ANZ Banking Group), Joseph Tisuthiwongse (Clifford Chance) and awarding ceremony host Jimmy CarrFirst Gen Corporation subsidiary Energy Development Corporation (EDC) earned from Project Finance International (PFI) the Asia-Pacific Renewables Deal of the Year for EDC’s 150-megawatt Burgos Wind Project (BWP).
PFI, a member of the global mass media and information giant Thomson-Reuters, holds the annual global PFI Awards to celebrate excellence in the financial industry. In PFI’s latest awarding ceremonies, the BWP stood out as the only project from the Philippines to make it to the coveted honor roll.
Filipino and foreign bankers as well as lawyers joined EDC officials, led by EDC president and COO Richard Tantoco, during the PFI awarding ceremonies held recently in London.
PFI described BWP as a groundbreaking project for being the first wind farm project financing in the Philippines to reach financial close—a feat achieved by EDC despite the absence of an off-take agreement.
Located in Burgos, Ilocos Norte, the BWP is the Philippines’ biggest wind farm. (Story/photos by Joel Gaborni)