Asian Development Bank (ADB) has signed a financing assignment agreement with EDC Burgos Wind Power (EBWPC), Eksport Kredit Fonden, and a syndicate of international commercial banks to support development of the 150MW Burgos wind project in the Philippines.
Under the agreement, the project, which is claimed to be the largest wind farm in the country, will receive $20m from ADB.
Located in the northern province of Ilocos Norte on the main island of Luzon, the wind power station is owned and operated by the EBWPC.
The wind energy development is in line with the country’s strategy to drive growth for the renewable power sector in order to reduce its dependence on fossil fuels for electricity generation, diversify its power mix and cut down greenhouse gas emissions.
The Phillipines is estimated to have untapped renewable energy resources of about 250,000MW, and intends to have around 2,870MW of additional installed renewable energy capacity by 2030.
ADB private sector operations department director Christopher Thieme said: "This Burgos wind farm is a major contributor to the government’s drive to scale up renewable energy use and to reduce its reliance on coal and petroleum for power generation.
"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 wind energy farm, which was completed in 2014, was built at a cost of $450m.
It is supported with a 115kV transmission line, which connects it to the Laoag substation of the National Grid Corporation of the Philippines (NGCP).
Image: The 150 MW Burgos wind farm was completed in November 2014. Photo: courtesy of Asian Development Bank.