Image by Getty Images via @daylifeEnergy Development Corp., the country’s biggest producer of geothermal energy, may finally start within the year its planned 86-megawatt wind power project in Burgos, Ilocos Norte, as it anticipates the issuance of the much-awaited feed-in-tariff rates.
“Should the feed-in-tariff rate for wind gets approved, we will move on the Burgos project immediately. All we’re waiting for is the final FIT rates—the project is pretty much good to go,” said EDC president Richard B. Tantoco.
“The Burgos wind farm project is a fully funded business plan, so we’re good [in terms of financing],” Tantoco added.
While he did not disclose investment figures for the planned wind farm, Tantoco said that EDC might need to infuse roughly $2.5 million to $3 million to produce a megawatt of wind power. This means that for an 86-MW portfolio, the Lopez affiliate needs to invest as much as $258 million, or about P11 billion.
Should the wind power project be pursued this year, EDC has already earmarked P4.4 billion to fund the project development costs of the Burgos farm. The amount formed 39 percent of the P12 billion in capital expenditure budget of EDC for 2011.
http://business.inquirer.net/5293/edc-to-start-wind-power-project-this-year
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