EDC weathers storm reporting increased quarterly revenues

Bacon-Manito geothermal power plant, Philippines (source: EDC)

The leading renewable energy player in the Philippines, Energy Development Corp.,  reports that its regenerative strategy has helped the company weather the challenges due to the pandemic and increase revenues in the past Quarter compared to the same quarter last year. EDC last year posted P9.85 billion in recurring net income attributable to equity holders despite a significant reduction in electricity demand.

“2020 is a year wherein I cannot reasonably complain about the performance of the company,” said EDC president and chief operating officer Richard Tantoco in the company’s recently launched 2020 Integrated Report.

EDC disclosed a steady EBITDA of P21.5 billion in 2020 compared from the previous year’s P22.1 billion, despite the unforeseen challenges posed by the global COVID-19 pandemic.

“It was fortunate that when the crisis happened, EDC was in good financial health. Our Chairman [Federico R. Lopez] has prudently directed the group companies to practice fiscal discipline and keep debt at low manageable levels. We were able to build up and maintain our cash reserves well in advance,” said Tantoco.

EDC invested in new projects in anticipation of post-COVID business resurgence, such as the 29-MW Palayan Bayan in the Bacon-Manito geothermal site in the Bicol region and the 3.6-MW Mindanao 3 binary plants in Mount Apo geothermal field, as well as the 100-MW Aya hydro project in Nueva Ecija and 20-MW Tanawon geothermal plant, also in Bicol, later in the year.

Source: Company release