EDC To Invest US$33 Million For Wind Power Project In Ilocos Norte Province, Philippines

Published: Mar 19 2011
Deal Summary

Energy Development Corporation (EDC), a company engaged in the production of energy, announced to invest PHP14,447m ($33m) for the construction and development of onshore wind power project to be located in Burgos, Ilocos Norte province, Philippines.

The total installed capacity of the project will be 8 MW. The generated electricity from the project will be supplied to the national grid. The construction of the project is expected to be operational by December 2014.

Lucita P. Reyes, executive director of board of investments (BoI), said, "EDC has created a wholly-owned unit Burgos Wind Energy System as the implementing vehicle for the said new venture. The BoI has already approved the project with incentives.

"BoI has canceled the 40 MW EDC wind power project in Ilocos, which was registered in 2001, but did not materialize. This makes the Burgos wind project the first for EDC to be registered with the BoI. The other EDC projects registered with the BoI were all geothermal energy projects.

"EDC is planning to establish five more wind power projects, but there is no definite timetable yet although the company has been issued service contract by the Department of Energy for such proposed RE projects. The EDC wind power project in Ilocos is the biggest investment approved by the BoI in the first two months of this year."

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