BDO funding US$130 million wind farm

Four leading Philippine lenders are bankrolling project.

BDO Capital & Investment Corporation, a subsidiary of BDO Unibank, Inc., the Philippines’ largest lender, led a syndicate of banks extending the loan.

BDO Unibank leads the project lenders for the Rizal wind-farm project, together with the Philippine National Bank, Rizal Commercial Banking Corp. and China Banking Corporation. BDO Capital is the lead arranger and sole book runner.

The syndicated loan facility has a term of 12.5 years and is available in both Philippine pesos and US dollars.

The syndication of four all-Filipino commercial banks demonstrates the technical and commercial viability of renewable power projects, specifically for large-scale wind projects.

Alternergy Wind One Corporation said the US$130 million financing is the first all-Filipino commercial bank syndicated term loan facility for a wind power project in the Philippines.

Alternergy, which focuses on tapping renewable energy, is the joint venture between Alternergy Viento Partners Corporation and Korea East West Power, a subsidiary of Korea Electric Power Company or Kepco.

The wind farm will be located in the town of Pililla in Rizal province. Its 27 wind turbines will be capable of generating 67.5 MW.