PetroWind secures P1.8-B loan for wind farm
YUCHENGCO-led PetroEnergy Resources Corp. through its unit has secured a P1.8-billion loan from a state-led bank for the construction of its 13.2-megawatt (MW) wind power project in Aklan province.
In a regulatory filing on Thursday, PetroEnergy said its subsidiary PetroWind Energy, Inc. forged the term loan agreement with the Development Bank of the Philippines (DBP) for its Nabas-2 project.
“[PetroWind] is DBP’s partner since 2013 and we are grateful that we have their support again for Nabas-2. Our partnership with DBP enabled us to successfully build our wind and solar power projects, which are now generating clean and indigenous power,” said PetroWind President Milagros V. Reyes in a media release.
The loan, which has a 15-year term, will fund the company’s major infrastructure buildup, which includes the installation of wind turbine generators, the construction of a temporary jetty, internal access roads, and a new substation and switching station.
“This opportunity reaffirms the bank’s role and contribution in promoting the nation’s agenda of inclusive growth and economic development,” said Michael O. de Jesus, DBP president and chief executive officer, in a statement.
PetroWind is the developer and operator of the 36-MW Nabas-1 wind project that helps to supply power to the Visayas electricity grid.
In 2022, the company announced that it had signed a turbine supply and maintenance contract for the Nabas-2 wind farm with Vestas Wind Systems A/S.
PetroWind is a joint venture of PetroGreen Energy Corp., the renewable energy arm of PetroEnergy, EEI Power Corp., and BCPG Public Co. Ltd.
PetroGreen has a 65% stake Maibarara Geothermal, Inc., which operates the 32-MW Maibarara geothermal facility in Batangas; the 36-MW Nabas1 wind power project in Aklan under 40%-owned PetroWind; and the 70-MW direct current Tarlac solar power facility under 56%-owned PetroSolar Corp.
In 2021, the Department of Energy awarded PetroGreen with service contracts for Buhawind Energy Northern Luzon, Buhawind Energy Northern Mindoro, and Buhawind Energy East Panay for a total capacity of about 4 gigawatts.
At the stock exchange, shares in PetroEnergy jumped by 4.22% or P0.19 to close at P4.69 apiece on Thursday. — Ashley Erika O. Jose