A syndicate of banks has funded a US$130mn wind farm in the Philippines.

The 67.5MW site in Pililla, in the country’s Rizal province, has been led by BDO Capital which is joined in the syndicate by the Philippine National Bank, Rizal Commercial Banking Corp and China Banking Corp. The 12.5-year facility is available in both Philippine pesos and US dollars.

The project is due for completion late in 2014 and has been in the works since 2010, when a feasibility study was partly-funded by the Asian Development Bank (ADB).

It’s the first time a renewable energy project has received full project finance based on feed-in tariffs in the Philippines. It’s also the first time an all-Filipino commercial bank syndicate has generated a term-loan for a wind project in the country.

The project sponsor is Alternergy – a joint venture between Alternergy Viento Partners and Korea East West Power. The site will host 27 wind turbines and continues in the recent trend of Southeast Asian investment in large renewables projects. In June, Standard Chartered lent US$42mn to two Malaysian solar plants, one of which is to be the biggest in the country.