PetroWind taps DBP loan for Aklan project

PetroWind Energy Inc. (PWEI), a unit of Yuchengco Group’s PetroEnergy Resources Corp. (PERC), obtained a P1.8-billion loan from state-run Development Bank of the Philippines (DBP) for a wind project in Aklan.

PetroEnergy, in a disclosure on Thursday, said the term loan agreement was obtained by PWEI, a joint venture of PetroGreen Energy Corp., EEI Power Corp. and Thailand’s BCPG Public Company Ltd. affiliate BCPG Wind Cooperatief U.A.

It will be utilized for major infrastructure build-up including the supply and installation of wind turbine generators, construction of a temporary jetty, internal access roads and a new substation and switching station.

“The success of our collaboration with DBP proves that public-private partnership built on the commitment to development, ushers in long-term benefits to the environment, communities and the country,” said PWEI president Milagros Reyes.

“This opportunity reaffirms the bank’s role and contribution in promoting the nation’s agenda of inclusive growth and economic development,” DBP president and CEO Michael de Jesus added.

PWEI is the project proponent of the 13.2-megawatt Nabas-2 wind power project in the province. It bagged a contract to deliver wind supply to the Visayas following the conduct of the Department of Energy’s Green Energy Auction Program.

Earlier, PWEI and Denmark-based wind turbine manufacturer Vestas signed a turbine supply agreement for the Nabas-2 wind project. This involves Vestas delivering six units of 2.2-MW wind turbine generators and handling operations and maintenance of the wind farm through a 10-year operations and maintenance agreement.

PWEI also operates the 36-MW Nabas-1 wind power project which has been supplying cleaner energy to the Visayas grid as early as 2015.

—Jordeene B. Lagare