The Trans-Asia Oil and Energy Development Corporation has secured a PhP 4.3 billion loan to commence the construction of its 54 MW San Lorenzo wind power project in Guimaras. The credit facility has been sealed by its subsidiary, Trans-Asia Renewable Energy Corporation, with two local banks: the Development Bank of the Philippines (DBP) and Security Bank Corporation. The facility is expected to be in commercial operations within 16 months from the EPC award; however, no time frame has been disclosed for the latter. The project is among those that have been conferred confirmation of commerciality (COC) by the DOE. Further, it could become eligible for the feed-in tariff incentive under the Renewable Energy Law, in the event that it finishes the construction ahead of other companies that have received the COC from the DOE.
