Asian Development BankWind Project ASIAN Development Bank (ADB) has signed a financing assignment agreement of up to $20 million with a group of international lenders of the 150-megawatt (MW) Burgos Wind Project (BWP).
The lenders agreed to proportionately assign to ADB a portion of the export credit agency (ECA) debt facility and the US dollar commercial debt facility of Australia and New Zealand Banking Group Ltd., DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Hong Kong branch, ING Bank, a branch of ING DiBa AG, ING Bank, N.V., Singapore branch and Norddeustche Landesbank Girozentrale, Singapore branch.
The project financing reached financial close in October 2014 with a group of foreign and local banks which provided $315M via 15-year financing including the ECA debt facility which is covered by an ECA guarantee from Eksport Kredit Fonden, Denmark’s export credit agency.
“EDC is proud of the 150- MW Burgos Wind Project. This project underscores EDC’s strategy to be the country’s leading diversified renewable power company. Indeed, the support of our lenders, which now include ADB, is another testament that Burgos is a world-class project adhering to the high standards of multilateral funding organizations,” EDC president and chief operating officer Richard Tantoco said.
On April 14, 2015, EDC Burgos Wind Power Corporation received the certificate of compliance granted by the Energy Regulatory Commission (ERC) which entitled the project to the feed-in tariff rate of P8.53, subject to adjustments as may be approved by the ERC, from November 11, 2014 to November 10, 2034.