UPC Renewables eyes two more wind projects

UPC Renewables Philippines, a unit of UPC Asia, is pursuing two more wind power projects in Burgos, Ilocos Norte with a combined capacity of 134 megawatts.

UPC Renewables, through Northern Luzon UPC Asia, has pending wind service contract applications with the Energy Department for the 90-MW Bayog project and the 44-MW Buduan facility.

UPC Asia, the mother company of UPC Renewables, is one of Europe’s largest wind power developers.

The company plans to develop over 450 MW of wind projects around the country. Its first project, Northern Luzon UPC Asia, is the 80-MW wind station in Pagudpud, Ilocos Norte.

Troels Carstensen, UPC Renewables managing director, earlier said the group would invest $200 million for the 80-MW wind project in Pagudpud.

“We had decided to concentrate on the first 80 MW. One thing is to see the [Renewable Energy] law is in place, the other is we want to test it as we go along and see whether all incentives being stipulated in the law is making good for our project,” Carstensen said.

He said the company was in talks with Development Bank of the Philippines and Land Bank of the Philippines to finance the Pagudpud project and with PhilExim Bank to extend a loan guarantee.

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