EDC earmarks Php17B capex for 2021 growth projects

Lopez-led Energy Development Corp. (EDC) has allotted Php17 billion in capital expenditures (capex) this year for its growth projects and to ensure long-term development. 

Based on a report from The Philippine Star, EDC CFO Erwin Avante said Php7 billion of the total amount has been set aside for growth projects, while the Php5 billion will be for drilling, and the rest for resiliency, maintenance and other capex. 

EDC is currently pursuing the expansion of its two local geothermal projects, namely: the 28.9-megawatt (MW) Palyan binary plant in Albay, which will boost the power generation capacity of the Bacon-Manito geothermal plant, and the 3.6MW Mindanao 3 binary plant. Both plants are slated for completion in 2022.

The firm’s other geothermal assets include the 123MW Tongonan geothermal plant and 603.7MW Unified Leyte geothermal plants — both in Leyte.

Last month, EDC tapped San Francisco-based Greenfire Energy Inc. to perform a commercial retrofit for the restoration of its Mahanagdong geothermal facility, also in Leyte. The facility was deemed unusable due to the high level of non-condensable gases it produces when flowing.

The company also owns the Burgos Wind Farm in Ilocos Norte, the largest in Southeast Asia.

EDC reported a 6.6% drop in earnings to Php11.5 billion in 2020 due to lower spot market prices and lower generation.