Northwind Power forms new unit for Cagayan project
Northwind Power Development Corp., has created a new subsidiary to take charge of its expansion program in the Cagayan area worth $95 million.
Fernando Dumlao, Northwind chairman, said Northpoint Wind Power Corp., will put up a 40-megawatt (MW) wind farm project in Aparri, Cagayan this year.
Dumlao said they are bullish in expanding their capacity with the passage of the Renewable Energy Bill.
“We are pursuing our expansion plans because wind is a renewable form of energy and it is very timely because of the passage of the Renewable Energy Bill,” he said.
The Northwind official said the REB will encourage more investors to pour in capital in this sector.
“The provision in the RE bill that will allow investors to enjoy incentives will help promote wind energy development,” he said.
He said Northwind is also been an advocate of clean energy development.
“Our wind projects are very environmental friendly,” Dumlao said.
Dumlao said they believe that Cagayan is one of the priority areas under their expansion program.
Aparri is a second class municipality in the province of Cagayan. It sits at the mouth of the Cagayan river, about 55 miles north of Tugegarao.
Dumlao said the expansion in Cagayan came after the completion of its 33-MW Bangui Bay wind project in Ilocos Norte, the largest wind farm in Southeast Asia.
The Bangui Bay the project sells electricity to the Ilocos Norte Electric Cooperative and provides 40 percent of the power requirements of the province of Ilocos Norte.
Earlier, NorthWind got a $13.1 million loan from Danish International Development Agency in October last year for the expansion project, bringing the total project cost of the Bagui Bay wind farm at around $50 milllion.
According to Dumlao, they may tap the Danish government and other investors and creditors for their Cagayan wind project.
He said they expect to tap Japanese and Spanish investors and creditors.
“We expect support from Japanese and Spanish investors and creditors,” the Northwind official said.
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