Japanese aid to finance 40 MW project

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The Philippine National Oil Co wants to build southeast Asia's biggest wind project by 2004. It is to apply for a $54 million soft loan from Japan to finance a 40 MW project in the province of Ilocos Norte in the northern Philippines. The expected 30 year loan from the Japan Bank for International Co-operation will include a ten year period of grace on repayments. According to PNOC-ECD chairman Sergio Apostol, aid will also be sought to extend the project to 120 MW.

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