News Column

Philippines : EDC inks $90M bridge funding for PHASE II of BURGOS WIND FARM

June 30, 2014



In order to fund Phase II of the 150-megawatt Burgos wind farm in Ilocos Norte province, Energy Development Corp. (EDC) has announced that it has inked a $90-million bridge funding with Australia and New Zealand Banking Group Ltd. and Mizuho Bank Ltd.

EDC chief finance officer Nestor Vasay said the money was part of Tranche II of the $150-million total bridge funding for the the Burgos wind project's second phase.

Proceeds of the latest facility concluded the bridge funding for the second phase of the Burgos wind project that would involve a further 63-MW component.

The Burgos wind project is sited on a 686-hectare site spanning the three barangays of Saoit, Poblacion and Nagsurot in Burgos town.

Vasay said : 'The $90 million is the US dollar component of the bridge loan. Both Australia and New Zealand Banking Group Ltd. and Mizuho Bank Ltd. provided the bridge loan.'

EDC said : 'With the financing, EDC is on track to complete construction of the 87-MW phase 1 by fourth quarter 2014 and the 63-MW Phase 2 by first quarter 2015.'


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: TendersInfo (India)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters