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Economy

Energy Dept. approves EDC’s wind farm projects

June 6, 2010 5:04pm
The Energy Development Corp. (EDC), the Lopez Group's renewable energy unit, may now put up wind farms in Mindanao after it got the thumbs up from the Energy Department.

The company applied for wind projects in Camiguin, Dinagat and Surigao, with an estimated cost of P7 million each.

Energy Development also got the department’s nod to put up wind farms in the Luzon grid, which include 40-megawatt (MW) Balaoi-Pagudpud project and the 86-MW Burgos project in Ilocos Norte’s Barangay Saoit.

The department also approved EDC's wind project in Taytay, Rizal.

Since the end of March the department has approved 44 wind projects with a total capacity of 921 MW.

The country's first wind project, the 33-MW wind farm of NorthWind Power Development Corp. is in Bangui, Ilocos Norte is the biggest wind farm in Southeast Asia to date.

Energy Development, the parent firm of First Gen Corp., is focusing on its growth in the domestic market before tackling international operations.

The 86-MW wind power project in Ilocos Norte will help determine the feasibility of other wind farms in the country, Federico Lopez, CEO of First Gen, said last week.

Energy Development has applied for $75-million loan from International Finance Corp., the World Bank’s private sector lending arm, to finance some of the company’s medium-term capital expenditures.

Energy Development is the Philippines’ largest producer of geothermal energy, accounting for 62 percent of the country’s total installed capacity. It also owns and operates the 122-MW Pantabangan-Masiway hydro-electric plants and has investments in wind energy projects in Ilocos and other provinces.

The company reported a P3.8-billion net income in the first quarter, up 68 percent from P2.27 billion a year earlier. —VS, GMANews.TV



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