EDC issuing Php15B in green bonds

EDC to spend P7 Billion for plant rehabilitation

The Lopezes’ Energy Development Corporation (EDC) is set to issue green bonds worth Php15B within the year in a bid to push for its sustainable power projects.

In a regulatory filing, EDC said its board approved the undertaking of a bond shelf registration. The company plans to offer an initial tranche of up to Php3 billion with an option for an oversubscription of up to Php2 billion in fixed rate bonds.

The bond issuance is up for the Securities and Exchange Commission’s (SEC) approval and will be listed on the Philippine Dealing & Exchange Corporation (PDEx).

EDC Chief Finance Officer Erwin Avante said the firm targets to offer the initial tranche in the second quarter. He added that the proceeds would be used mainly for capital expenditure and general corporate purposes.

Last year, officials of the Lopez-led firm said it was aiming to develop binary geothermal projects that could produce an additional 80 megawatts in a few years.

Expansion works on EDC’s BacMan Geothermal Power Plant in Manito, Albay have begun with sister company First Balfour in charge of construction and the Mitsubishi Heavy Industries Group responsible for installing the power generation equipment.

EDC also manages geothermal projects in Leyte and on the North Cotabato side of Mount Apo. It also owns the Burgos Wind Farm in Ilocos Norte — the biggest facility of its kind in Southeast Asia.

The company also plans to pursue geothermal investments in Taiwan, Indonesia, Chile, and Peru to boost capacity.