05:12 AM March 24, 2018
Energy Development Corp. (EDC) has
secured a $90-million financing agreement with World Bank’s International
Finance Corp. (IFC) to cover part of its 2018 funding needs.
“Securing this financing with IFC
further confirms that EDC continues to adhere to the high standards of
multilateral funding organizations in the aspects of financial discipline, good
corporate governance, environmental and social stewardship, safety and security
and fair labor practices,” EDC senior vice president and chief financial
officer Nestor Vasay said in a statement.
The Lopez group unit said proceeds
from the 15-year deal would be used to fund a portion of its 2018 capital
requirements and expenses of its geothermal operations.
Such expenses include the remaining
work related to bringing back online the geothermal power plants in Leyte that
were affected by the July 2017 earthquake.
EDC said there were also other
project initiatives aimed at increasing the reliability, efficiency and
throughput of its existing geothermal facilities, as well as reducing outages
and health, safety and environment risks.
“With this most recent financing on
the back of previous financing in 2011 and 2008, and even an IPO-enabling IFC
investment in 2006, EDC and IFC continue to strengthen our partnership,” said
EDC president and chief operating officer Richard Tantoco.
“We share a joint commitment to provide
sustainable energy sources for the Philippines and to mitigate carbon
emissions,” Tantoco added.
As of the end of 2017, EDC and its
subsidiaries own and operate a portfolio of renewable energy
projects—geothermal, hydro, wind and solar projects—in the Philippines with a
total installed capacity of 1,472 megawatts. —RONNEL W. DOMINGO
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