The first full year of production at the 150MW Burgos wind farm in the Philippines has been cited as the chief driver behind a spike in company revenues by developer Energy Development Corporation (EDC).
The renewables outfit said that it has bagged annual incomes of PHP34.4bn for 2015, up some 11% or PHP3.5bn on 2014.
Burgos, which was fully commissioned at the end of 2014, returned the majority of the increase with revenues of PHP2.2bn for the year. The project features 50 Vestas V90 3MW turbines located in the province of Ilocos Norte.
Despite the stellar performance, EDC said it had come up short on its financial year 2015 targets.
Company president Richard Tantoco said: “Financial year 2015 revenues fell short of target, primarily due to reliability issues at the Tongonan geothermal plant and the temporary curtailment of Burgos wind project early in the year due to transmission constraints.”
He added: “We look forward to start the full rehab and retrofit of the Tongonan units on October of this year with the new turbine rotors from Mitsubishi improving efficiency and increasing output.”
EDC also highlighted its 130MW Bacman and 49.4 MW Nasulo geothermal plants as star performers with PHP1.2bn and PHP600m in revenues respectively.
Image: Vestas V90 (Davagh)
Burgos spurs Philippines windfall
Revenues at Energy Development Corporation up, but targets missed
By EBS