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

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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.

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