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EDC to raise USD 200 million bonds to finance wind project
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Monday, 20 Dec 2010

The Manila Standard Today reported that Energy Development Corporation of the Lopez group plans to raise as much as USD 200 million in dollar denominated bonds to partially finance an 86 MW wind project in Ilocos Norte.

Mr Francis Giles Puno director of EDC told reporters that the company would raise the fund in the first quarter of 2011. The proposed 86 MW wind project could cost about USD 250 million based on USD 3 million per MW of generated electricity.

Mr Puno said that the Burgos project would be the country's largest wind farm when it becomes operational. The company has also sought government approval to build wind projects in Camiguin, Dinagat Island and Surigao provinces. He added that the EDC wanted to pursue the wind project right away in line with its thrust to pursue clean and green power stations.

EDC is the country's largest geothermal energy provider with a total power generating capacity of 1,116 MW or equivalent to 62% of the country's installed capacity. It also owns and operates the 122 MW Pantabangan Masiway hydroelectric plants in Nueva Ecija province.

Meanwhile, Parent First Gen Corporation is looking at building three mini hydro projects in Mindanao. The company is finalizing the feasibility studies for the three hydros that will have a combined capacity of between 50 MW and 60 MW.

Mr Puno, who is also the president of First Gen, said that construction of the three hydro plants could cost as much as USD 150 million. He added that First Gen hopes to start construction of the hydro plants next year and complete them in the next two to three years.

Mr Puno said the Lopez group was interested in bidding to manage the contracts of independent power producers of several hydro and geothermal power projects. Among these are the 140 MW Casecnan hydroelectric power plant in Nueve Ecija, the Caliraya Botocan Kalayaan hydro in Laguna, the 640 MW Unified Leyte geothermal assets, and the Agus hydro complex, which is composed of six plants with a combined capacity of over 700 MW.

(Sourced from

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