Lopez-led Energy Development Corporation (EDC) has allotted Php17.38 billion in capital expenditures (capex) this year which will be used for the operation, maintenance, and expansion of its power plants.
Based on its disclosure to the Securities and Exchange Commission, EDC will be using 62.72% or bulk of its capex worth Php10.9 billion for investments in its subsidiaries like First Gen Hydro Power Corporation, which operates the 132-megawatt (MW) Pantabangan hydroelectric power plant in Nueva Ecija; EDC Wind Power Corp, which owns and operates the 150MW Burgos Wind Farm and the 6.82MW Burgos Solar Project in Ilocos Norte; and international expansion projects in Indonesia Chile, and Peru, among other areas.
Meanwhile, the remaining 37.28% or Php6.48 billion will be used for the operation and maintenance requirements of its geothermal plants in Leyte, Negros Oriental, Albay, and Mindanao.
EDC’s 2022 capex is two percent higher than the previous year’s Php 16.98 billion.
The company is currently working on its 29MW Palayan binary plant, which is seen to be completed by the first quarter of 2023, and the 20MW Tanawon geothermal power plant. Both Palayan and Tanawon are expansions of the Bacon-Manito geothermal plant located in Sorsogon and Albay.
EDC is also completing the 3.6MW Mindanao 3 binary plant which is currently undergoing testing and commissioning. It is also constructing a power plant in Bohol, which is targeted for completion by June 2024.
A subsidiary of First Gen Corporation, EDC is the country’s leading 100% renewable energy company with a total installed capacity of 1,476.59MW, of which 1,181.60MW come from geothermal plants.