Asian Development Bank to lend USD 20 million for Burgos Wind Farm
By Juzel L. Danganan

MANILA, Nov 6 (PNA) -- The Asian Development Bank (ADB) has entered into a financing agreement with the lenders of the Burgos Wind Farm, amounting to USD 20 million.

Energy Development Corp., the operator of the 150-MW farm, said in a disclosure to the Philippine Stock Exchange (PSE) Friday that "the Burgos lenders agreed to proportionately assign to ADB a portion of the ECA Debt Facility and the USD Commercial Debt Facility of Australia and New Zealand Banking Group Limited, 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 ECA debt facility is covered by an ECA guarantee from Denmark's export credit agency Eksport Kredit Fonden.

Under a 15-year agreement, the wind farm's financing from local and foreign banks totals USD 315 million of the USD 450 million total project cost.

Richard Tantoco, president and chief operating officer of EDC, welcomed ADB as its newest lender.

"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 multi-lateral funding organization," he said.

ADB Private Sector Operations Department director Christopher Thieme, for his part, said "the 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.”

The Burgos Wind Farm was commissioned in Nov 2014.

The project had previously bagged the following awards: 2014 Asia-Pacific Renewables Deal of the Year from Project Finance International, Trade Finance 2014 Deal, 2015 Asia Projects of the Year from Power Engineering International. (PNA)

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