Search

Monday, 16th June 2025



  • Home
  • Lopez Companies
    • Business and Finance
    • Promos and Offers
  • HR Updates
    • HR Council
    • Business Excellence
    • Job Opportunities
  • Employee News
    • Message from Lopez
    • Meet the Executive
    • Meet the Team
    • Milestones
    • Spotlight
    • Advocacy
  • Corporate Sustainability
    • ABS-CBN Foundation
    • Sagip Kapamilya
    • OML Climate Change Center
    • Knowledge Channel
    • Lopez Museum
  • Lifestyle
    • Kapamilya Entertainment
    • Power Plant Mall Finds
    • ABS-CBN Publications
    • Food and Recipes
    • Lifelong Wellness
  • Lopez Values
    • 7 Lopez Values
    • The Credo
    • Web Comics
    • Special Feature
  • Unsubscribe

Energy Development Corporation’s Burgos wind project is Asia-Pacific Renewables Deal of the Year

Hits: 3216
Twitter

Image from Philstar.comImage from Philstar.comThe 150-MW Burgos Wind Project (BWP) of Lopez-led Energy Development Corporation (EDC) has been named the Asia-Pacific Renewables Deal of the Year by Project Finance International (PFI). BWP is the only project in the Philippines that made it to the 2014 PFI honour roll.

The PFI awards, which will take place on February 4, 2015 in London, United Kingdom, is widely considered to be the most prestigious award in the global project finance industry given to projects that achieved innovative deal structuring and execution for the year.

In the PFI newsletter, BWP was cited as a ground breaking project for being the first wind farm project financing in the Philippines to reach financial close. It also noted that EDC achieved financial close despite the absence of an off-take agreement. In the PFI article on BWP, the authors noted that “Financing for the project is a significant achievement by EDC’s project and finance teams, and that developers and banks will welcome this sign of confidence in the Philippines’ renewable sector and its Feed-In-Tariff (FIT) scheme.”

“We are honored by the recognition given by the international finance community. This is a resounding vote of confidence for EDC’s execution capability and a validation of the country’s sound energy policies that generate investments for the Philippines. We believe that this will encourage more financial support to boost much needed renewable energy development in the country,” EDC President and Chief Operating Officer Richard Tantoco said.

BWP achieved successful commissioning on November 5, 2014 following its nomination by the Department of Energy (DOE) for FIT eligibility.  Both Phase 1 and Phase 2 of the project, totaling 150 MW have been endorsed by the DOE to qualify for the FIT on November 11, 2014.  On December 18, 2014, the Energy Regulatory Commission (ERC) issued the Provisional Authority to Operate to BWP.

Image from energy.com.phImage from energy.com.phThe project is EDC’s first foray into the wind energy business.  It represents the company’s single largest investment to date.  EDC has invested US$450 million in BWP including the US$315 million in project financing with leading international and local banks led by EKF, Denmark’s export credit agency. It will provide 370 GWh of electricity to power approximately 2 million households and the project will displace about 200,000 tons of carbon emissions annually.

Image from firstbalfour.comImage from firstbalfour.comAt 150 MW, the BWP is the largest wind farm in the Philippines.  It used 50 units of the Vestas V90-3.0MW wind turbines and ancillary plant constructed by Vestas, the world’s leading wind turbine manufacturer.  Aside from the wind farm, the project also includes a 115 kV transmission line connecting the wind farm from the Burgos substation to the Laoag substation of the National Grid Corporation of the Philippines (NGCP), as well as the expansion of the switchyard/substations. (Story by Toni Nieva)

 

 

 

Subscribe to Lopezlink

More Articles from Lopezlink

EDC cited as one of Asia’s leading sustainability advocates

EDC cited as one of Asia’s leading sustainability advocates

Operation Sagip helps families affected by Ompong, landslide in Naga

Operation Sagip helps families affected by Ompong, landslide in Naga

Championing education, transforming lives

Championing education, transforming lives

First Balfour achieves ISO 9001:2015 certification

First Balfour achieves ISO 9001:2015 certification

Shop and give @ the Give Shop

SKYdirect brings the SKY experience to all Pinoys

SKYdirect brings the SKY experience to all Pinoys

FP Island brings 24/7 electricity to remote CamSur islands

FP Island brings 24/7 electricity to remote CamSur islands

KCFI, NCCT partner for Makabata Block

KCFI, NCCT partner for Makabata Block

Joevel Rivera: CPA-turned-techie wants to bring SKY ‘over the top’

Joevel Rivera: CPA-turned-techie wants to bring SKY ‘over the top’

NBAQ4 hailed as overall winner in PECCA 2022

NBAQ4 hailed as overall winner in PECCA 2022

Remarks of Chairman Emeritus Oscar M. Lopez during mid year conference

Cybersecurity and your company

Cybersecurity and your company

A time of cheer

A time of cheer

SKYBIZ screens ‘Pursuit of Happyness’ to inspire employees

SKYBIZ screens ‘Pursuit of Happyness’ to inspire employees

FPH dividends

FPH dividends
Lopez Holdings Corp. All rights reserved



About Us | Copyright | Sitemap | Archive