The Asian Development Bank agreed to lend as much as $20 million to help finance the biggest wind farm in the Philippines.
ADB has signed a financing assignment agreement with the project operator EDC Burgos Wind Power Corp., Eksport Kredit Fonden, and a syndicate of international banks for the 150-megawatt Burgos wind power project, according to a statement on the ADB’s website on Friday.
The project in the northern province of Ilocos Norte on the main island of Luzon was completed in November 2014, said ADB. Detailed of the financing weren’t disclosed.
ADB’s move comes as the Philippines targets about 2,870 megawatts of additional renewable energy installed capacity by 2030, according to the statement. Other lenders include a syndicate of local banks that have provided local currency debt, said ADB.
— With assistance by Feifei Shen