PetroWind secures P1.8-billion loan from DBP

By Alena Mae S. Flores – February 23, 2023, 6:45 pm
from manilastandard.net

PetroWind Energy Inc. of the Yuchengco Group said Thursday it signed a P1.8-billion loan agreement with state-run Development Bank of the Philippines for the 13.2-megawatt Nabas-2 wind power project in Aklan province.

PWEI will use the 15-year loan 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.

“PWEI 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 PWEI president Milagros Reyes.

The Nabas-2 wind project won the Visayas wind allocation during the Green Energy Auction Program conducted by the Department of Energy in June 2022. The project is targeted for completion by the second quarter of 2024.

“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,” Reyes said.

The parties signed the term loan agreement on Feb. 22, 2023 at PWEI’s corporate office in Pasig City.

DBP president and chief executive Michael de Jesus said the extended partnership with PWEI “reaffirms the bank’s role and contribution in promoting the nation’s agenda of inclusive growth and economic development.”

PWEI is the developer and operator of the 36-MW Nabas-1 wind power project, which started supplying clean power to the Visayas grid in June 2015.

The company is a joint venture among PetroGreen Energy Corp., EEI Power Corp. and BCPG Wind Cooperatief U.A., an affiliate of BCPG Public Company Limited Thailand.

PGEC and EEI Power are affiliates of the Yuchengco Group of Companies.