EDC to receive USD 266 million funding for growth initiatives

Mindanao geothermal plant, Philippines (source: EDC)

Philippine-based Energy Development Corporation (EDC) is set to receive USD 266 million in capital for 2022 from parent company First Gen Corp. to fund its growth initiatives. This was announced by First Gen Chief Financial Officer Emmanual Antonio Singson during the virtual stockholders’ meeting.

The growth projects cited for the funding included the 3.6-MW Mindanao-3 binary plant (which started operations in April), the 29-MW Palayan Bayan binary power plant, and the 20-MW Tanawon geothermal power plant. Other projects are expected to involve low-enthalpy geothermal, silica extraction, energy storage, and wind energy.

“EDC will continue to have high capex this year and is planning to spend approximately $266 million to fund its growth initiatives, drilling programs and upgrades,” announced Singson during the virtual event.

In addition to EDC, First Gen has also earmarked the budget for the expansion of the firm’s solar and wind power portfolio, as well as for the construction of a liquefied natural gas (LNG) terminal  and the pre-development work on a natural gas power plant.

Source: Philippine Daily Inquirer