Trans-Asia Corp borrows $96.6M for wind farm in Philippines

Trans-Asia Renewable Energy Corp. signed the 15-year, P4.3-billion (US$96.6 million) project financing facility with Development Bank of the Philippines and Security Bank Corp.

“The loan will be used to fund construction and development of the 54-MW wind farm project in San Lorenzo, Guimaras,” the disclosure read. “The wind farm is expected to be in commercial operation within 16 months from the EPC (engineering, procurement and construction) start date.”

Based on the company’s 2012 annual report, the project is estimated to cost around P6.3 billion, 70% of which will be financed by debt and the balance by equity.

The report also noted that construction of the wind farm will involve installation of 27 wind turbines with installed capacity of 2 MW each.

Trans-Asia is engaged primarily in oil and gas exploration and development as well as power generation.

Among others, it currently owns and operates a 20-MW diesel plant in La Union through its wholly owned subsidiary CIP II Power Corp.

It also holds a 25% stake in Maibarara Geothermal, Inc. which is building a 20-MW geothermal power plant in Sto. Tomas, Batangas.

Through South Luzon Thermal Energy Corp. which is 50% owned by the company, Trans-Asia is also building a 270-MW coal-fired power plant in Calaca, Batangas.