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.
The proposed financing consists of an A-Loan in Philippines Pesos for the amount equivalent to US$90 million in EDC.
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.
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Energy Development Corporation
Erwin O. Avante
Vice President, Corporate Finance
38F One Corporate Center, Julia Vargas corner Meralco Ave., Pasig City, Metro Manila, Philippines
ACCOUNTABILITY MECHANISM OF IFC
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