The company has agreed a $315 million financing with a group of local and international banks, which will mature in 15 years. Eksport Kredit Fonden, Denmark's export credit agency, guaranteed a part of the dollar loan component.
The Danes stepped in because Vestas has been lined up to supply the turbines for the project, which will be built in two phases. The first 87MW development will be made up of 29 V90 3MW turbines and was supposed to be commissioned before the end of the year, although this looks unlikely now.
The second 63MW phase will also consist of V90 turbines, which were also set to be delivered to the site before the end of the year.
Despite the delays, EDC still expects to be the first developer to take advantage of a new feed-in tariff introduced by the government last year. The subsidy is only available to 200MW of projects on a first-come first-served basis.
No new projects came online last year in the Philippines, leaving the country with just 33MW operating. While 420MW of projects were expected to be commissioned this year, none have yet been added, according to Windpower Intelligence.
The lead arrangers of the financing are the Australia and New Zealand Banking Group, DZ Bank, ING Bank, Malayan Banking Berhad, and Norddeutsche Landesbank Gironzentrale. The local tranche was arranged by PNB Capital and Investment Corporation, as well as SB Capital Investment Corporation, among a syndicate of local lenders.