EDC 2014 SR (UPDATED)

EDC 2014 Performance Report
3
DIVERSIFIED GROWTH
The third building block is our
continued growth through our
technology and global diversification.
Wind Ilocos Norte Business Unit
(WINBU), our newest business unit,
completed on November 5, 2014 our
150MW Burgos Wind Project in Ilocos
Norte. Today, this is the country’s
largest wind farm, with a total project
cost of US$450 million. The project
was issued a Certificate of Compliance
by the Energy Regulatory Commission
on April 13, 2015 for its total capacity
of 150MW, based upon which, it will
be entitled to the Feed-in Tariff rate of
₱8.53/kWh from November 11, 2014
to November 10, 2034.
The Burgos Wind Project is the largest
investment made in the province of
Ilocos Norte, and we look forward to
EDC’s brand of improving the lives of
the residents in our host communities
in the municipality of Burgos and the
barangays of Saoit, Poblacion, and
Nagsurot.
Our engineering solutions will improve the resiliency of our cooling towers so that they can withstand
typhoon winds up to 300 kph.
We view these recognitions as a
shared vote of confidence in the
regulatory regime of the Philippine
renewable energy sector, as well
as our company’s ability to execute
our growth plans amidst intense
competition.
Seventy percent of the total cost of
the Burgos Wind Project, amounting
to US$315 million, was financed by
a consortium of foreign and local
banks supportive of the advancement
of renewable energy. This led to
several recognitions from reputable
institutions, namely:
• “Asia Pacific Renewables Deal
of the Year” from Project Finance
International (PFI);
• “Asia Wind Deal of the Year” from
Infrastructure Journal Global of
EuroMoney;
• “Asia Pacific Deal of the Year” from
Trade Finance Magazine, also of
EuroMoney;
• “Best Deal of 2014” from Global
Trade Review (GTR); and
• “Top Ten Global Deals of the Year
– Best ECA backed Green Deal”
from Trade & Export Finance.
Our wind power site in Burgos
also gave us a toehold of the solar
power technology when we gave our
contractor the green light on October
2, 2014, for the construction of our
first 4.1MW solar power project. The
Department of Energy granted the
project the Certificate of Endorsement
(COE) for Feed-in Tariff eligibility,
stating March 2, 2015 as its successful
commissioning date. The Burgos Solar
Project will generate around 5.7GWh
annually and will feed energy directly
into the local utility, Ilocos Norte
Electric Cooperative. We believe that
we can expand this portfolio rapidly in
the coming years.
The Philippines’
largest wind farm
150MW
Burgos Wind
Project
in Ilocos Norte
has a total project
cost of
US$ 450 million
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