Energy Dev III (IFC-39842)

  • Philippines
Geographic location where the impacts of the investment may be experienced.
Specific Location
Luzon, Visayas and Mindanao islands of Philippines
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Climate and Environment
  • Energy
  • Hydropower
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 90.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 26, 2018

Disclosed by Bank Jan 2, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Energy Development Corporation (EDC) is an existing IFC client and is seeking financing to support EDC's 2018 capital requirements and other general corporate purposes for existing geothermal operations. These capital expenditures include the balance of work related to the return of service of the geothermal power plants in Leyte that were affected by the July 2017 earthquake and project initiatives aimed at increasing the reliability, efficiency and throughput of EDC's existing geothermal facilities as well as reducing outages and health, safety & environment risks.

EDC is an integrated geothermal steam and electric power producer with its core activities being the exploration, development, and production of geothermal energy. The company operates 1,169 MW of geothermal, 150 MW of wind, 132 MW of hydroelectric power, and 6.8 MW of solar, delivering a total of 1,457.8 MW (gross) of clean and renewable energy. EDC owns over 60% of the country's total installed geothermal capacity of 1.9GW.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed financing consists of an A-Loan in Philippines Pesos for the amount equivalent to US$90 million in EDC.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

EDC is publicly listed on the Philippine Stock Exchange with 60% voting stake held by First Gen of the Lopez Group of the Philippines, while 32% voting shares was recently acquired by a consortium comprising (i) funds managed by Macquarie Infrastructure Management (Asia) Pty Limited, Singapore Branch, which is a member of Macquarie Infrastructure and Real Assets and (ii) Arran Investment Pte Ltd, which is an affiliate of GIC Pte Ltd. following successful completion of the public tender process in September 2017. The remaining 8% voting shares are held by public.

The Lopez Group is a premier local infrastructure conglomerate with interests in media, telecommunications, electricity, water, and land development. While still family owned, the Group is known for its experienced professional management team.

MIRA and GIC are long-term investors with a track record in both global infrastructure and renewable energy. They own and operate a combined installed capacity of over 11,000MW globally.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Energy Development Corporation (EDC) Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Energy Development Corporation
Erwin O. Avante
Vice President, Corporate Finance
+632 9822177
38F One Corporate Center, Julia Vargas corner Meralco Ave., Pasig City, Metro Manila, Philippines


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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