EDC may get $90M financing
The private lending arm of the World Bank is looking at extending a $90 million loan to Lopez-led Energy Development Corp.
A disclosure by the International Finance Corporation (IFC) said the money would be used by EDC to fund the capital requirements for the recovery of service of geothermal power plants in Leyte that were affected by the July 2017 earthquake.
EDC is a global geothermal energy industry pioneer and the recognized world leader in wet steam field technology. It is the Philippines’ largest vertically-integrated geothermal developer, delivering 1,457.8 megawatts of clean and renewable energy to the country.
The company’s renewable portfolio also includes solar, hydropower and wind power projects .
EDC is 60 percent owned by First Gen while 32 per cent is held by a consortium comprising funds managed by Macquarie Infrastructure Management (Asia) Pty Limited and GIC-backed Arran Investment Pte Ltd.