IFC may extend $90m debt to Philippines’ Energy Development Corp

Visual from Pixabay

The International Finance Corporation (IFC), the private lending arm of World Bank, is considering extending a loan of $90 million to Energy Development Corporation (EDC), an integrated geothermal steam and electric power producer in the Philippines.

These capital expenditures include the balance of work related to the recovery of service of the geothermal power plants in Leyte that were affected by the July 2017 earthquake, according to IFC’s disclosure. Some of the proceeds will go towards supporting the company’s capital requirement and other corporate purposes for existing geothermal operations in 2018.

Listed on the Philippine Stock Exchange, EDC produces a total of 1,457.8 MW of clean and renewable energy. Of that, 1,169 MW is generated from geothermal and the remaining is from wind, hydroelectric and solar plants. It shares over 60 per cent of the country’s total installed geothermal capacity.

The plants are located across Luzon, Visayas and Mindanao islands of Philippines.

EDC’s major shareholder is the First Gen of the Lopez Group of the Philippines who owns 60 per cent. Around 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. The remaining 8 per cent are held by the public.

Also read:

IFC proposes to inject up to $194m debt in Baidu’s student micro-loan unit

India: IFC seeks to invest $20m in Lighthouse’s third fund

IFC considering $30m convertible loan to HK-listed renewable energy firm Concord

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.