Asian Development Bank has signed a $20 million finance assistance agreement with EDC Burgos Wind Power Corporation, Eksport Kredit Fonden, and a syndicate of international commercial banks to help support the development of Burgos Wind Farm, the largest wind farm of its kind in the Philippines.
In a statement, ADB said other lenders include a syndicate of local commercial bank who have provided local currency debt.
According to Christopher Thieme, director of ADBâ€™s Private Sector Operations Department, the 150 MW wind farm is a major contributor to the governmentâ€™s drive to scale up renewable energy use and to reduce its reliance on coal and petroleum for power generation.
â€œThe operation of this farm will avoid the production of over 200,000 tons of carbon dioxide equivalent emissions a year, making it a sustainable energy source for the country,â€ Thieme added.
The Department of Energy (DOE) set a goal of installing about 2,870 MW of renewable energy capacity by 2030 with an estimated 250,000 MW in untapped renewable energy resources.
The Philippines aims to boost its renewable energy capacity in an effort to reduce its dependence on fossil fuels.
EDCâ€™s successful track record in financing, constructing, owning and operating renewable energy projects in the Philippines, as well as the high potential for energy generation at the target site in Ilocos Norte, and the contribution the farm will make to the governmentâ€™s drive to diversify its fuel mix and to meet rising power demand without the use of fossil fuel generation plantÂ prompted ADBâ€™s decision to invest in the Burgos wind farm.
Originally from Interaksyon