THE PHILIPPINES’ LARGEST VERTICALLY INTEGRATED GEOTHERMAL COMPANY
Energy Development Corporation is a geothermal energy industry pioneer and the recognized world leader in wet steam field technology. In the Philippines, EDC is the largest vertically integrated geothermal company, delivering 1,457.8MW of clean and renewable energy. We continue to diversify our renewable energy portfolio through investments in hydropower, solar power and wind energy projects in the Philippines. With almost 40 years of geothermal mastery, EDC is set to deliver the benefits of sustainable geothermal development to communities around the world as it ventures into Latin America and Indonesia.
EDC is part of the First Gen Corporation (“First Gen”) Group, which has the largest portfolio of power plants using clean and renewable technology in the Philippines. First Gen’s 16 power generation plants have a combined capacity of 2,763MW. First Gen has one of the cleanest power portfolios in the country with its entire power generation portfolio utilizing fuels such as geothermal steam, water, and natural gas.
Wind power complements EDC’s existing power generation assets including the baseload geothermal plants, as well as, the Pantabangan hydroelectric plant, which serves as a peaking plant.
EDC has become the leading geothermal energy producer in the Philippines through the successful development and operation of numerous geothermal energy projects. Since 1983, the Company has successfully developed, financed, built, and operated seven geothermal steamfields in five geothermal contract areas, containing both wet and dry steam. These steamfields currently supply geothermal steam to geothermal power plants with an aggregate installed capacity of 1,130 MW. In addition, the Company currently, directly and indirectly, owns and operates eleven geothermal power plants with a total installed capacity of 1,169 MW. EDC, through its indirect wholly owned subsidiary Green Core Geothermal, Inc., operates the 192.5MW Palinpinon and 112.5MW Tongonan geothermal power plants. Bacman Geothermal, Inc., another indirect wholly owned subsidiary of EDC, operates the 130MW Bacman geothermal power plant. The Company believes this track record has enabled it to develop the expertise needed to assess the feasibility of future acquisitions and greenfield projects, ensure the safe and efficient construction of power plants, and provide for efficient power plant operations.
OUR VISION AND MISSION
We will become the global leader in geothermal energy as we strengthen our leadership in the Philippine renewable energy industry.
We are committed to provide the present and future generations a better life with clean and renewable energy.
We are committed to promote customer and investor interests, employee development, community welfare and environmental stewardship at all times.
OUR CORPORATE OBJECTIVES
- Maximize Shareholders’ Value
- Sustain Profitable Growth
- Expand Customer Base
- Enhance Customer Relationship
- Achieve Operational Excellence
- Sustain High-performing Organization
OUR CORE VALUES
We have the best-qualified and trained professionals, technical people and support staff who persist in always bringing EDC to industry leadership. The company’s geothermal team has over 30 years of technical and management experience in the geothermal industry. We also have a core team geoscientists and engineers who are holders of degrees from Geothermal Institutes in Iceland, Italy, New Zealand and Japan.
- BIAS FOR ACTION. Ensuring immediate action, working with a sense of urgency
- PURSUIT OF EXCELLENCE. Achieving the highest standards of performance in everything we do.
- INTEGRITY. Doing the right thing and doing them right. Being accountable.
- ENTREPRENEURIAL SPIRIT. Having a pioneering and innovative attitude, taking intelligent risks, and being mindful of opportunities and seizing them.
- STEWARDSHIP. Caring for and exacting judicious use of resources and treating the business as if it were your own.
- FAIRNESS. Treating each person with respect regardless of individual differences.
- RESULTS-DRIVEN TEAMWORK. Working harmoniously with colleagues and partners towards a common goal.
THE LOPEZ VALUES
We are guided by the following distinct Lopez Group values:
- A Pioneering Entrepreneurial Spirit
- Business Excellence
- Social Justice
- Employee Welfare and Wellness
We know from generations of experience that it is by living according to these values that a company can be built to last.
Energy Development Corporation was established in 1976 in response to need for alternative and indigenous energy solutions during the global oil crisis that crippled import-dependent countries such as the Philippines. Given the country’s topography and location along the Pacific ring of fire, geothermal was found to be a commercially viable source of energy.
-Energy Development Corporation is created under the umbrella organization of the Philippine National Oil Company with the mandate to explore, delineate and develop indigenous resources in the country
-EDC energized a 3-MW plant which generated electricity for Ormoc City in Visayas region.
-EDC establishes its Environmental Management Group and set the pace in environmental compliance for the energy sector.
-The watershed areas of Tongonan and Palinpinon are declared as geothermal reservations.
-The Philippines became the second largest producer of geothermal power in the world with the commissioning of the Tongonan 1 and Palinpinon 1 each with 112.5 MW installed capacity, adding to the more than 400 MW existing installed capacity.
-Power from Palinpinon 1 was exported to Aklan, Iloilo, Capiz and Antique through submarine cables across the Guimaras Strait.
-The Mount Apo project began after it passed through a two-year comprehensive environmental and social review.
-The 110-MW Bacman 1 power plant starts commercial operations
-EDC issued its first Eurobond and was successful in raising $90 million which was used to finance the development of the Mindanao I project.
-Palinpinon II was commissioned, adding another 80MW to supply power to Cebu. The Mount Apo project was awarded with the Gawad Kalikasan Award for having the Most Outstanding Achievement in Environmental Impact Assessment.
-Commercial operation of the 200 MW Leyte-Cebu plants marked the company’s entry into the power generation business through the Build, Operate, Transfer (BOT) scheme.
-EDC was awarded the Model for Environment Sustainability by the DENR and the United Nations Development Program (UNDP), and the Model for Greening by the National Economic and Development Authority (NEDA).
-The 232.5-MW Malitbog and 180-MW Mahanagdong power plants in Leyte and the 52 MW Mindanao I geothermal production field in North Cotabato were commissioned.
–Bacman II came on stream with another 40 MW for the Luzon grid while the 51-MW Optimization plants were switched on turning Leyte into a virtual power hub in the National Electric Highway.
-The Mindanao II geothermal production field was commissioned, which added another 54 MW for the Mindanao grid.
-EDC projects generated a total of 1,149.4 MW, which accounted for 60% of the country’s total geothermal capacity.
-EDC launched its IPO in the Philippine Stock Exchange. With the handover of the 130-MW Upper Mahiao Power Plant,the company became a power plant operator. EDC receives citation from the Geothermal Union on the occasion of the Centenary of Italy’s Geothermal Industry.
-The Malitbog, Mahanagdong and Ormat Optimization Power Plants were handed over to EDC after the BOT agreements were completed, vertically integrating the company’s operations in Leyte.
-EDC receives the Bull Run Award from the Philippine Stock Exchange for launching the biggest IPO of 2006.
-On November 29, 2007, EDC became a private corporation under Red Vulcan Holdings Corporation after the successful sale of 60% of its controlling stakes.
-EDC ventures into hydropower by acquiring 60% stake in First Gen Hydro Power Corporation’s 112 MW Pantabangan-Masiway hydropower complex.
-EDC is featured as one of the Philippines’ 10 best practices in water and sustainable development at the 2008 World Expo in Zaragoza, Spain.
-Leyte’s geothermal success story lands prominently on the front page of Washington Post
-EDC receives an award of recognition from the Institute of Corporate Directors for being one of the 20 top-ranked companies in the 2007 Corporate Governance Scorecard.
-EDC’s subsidiary Green Core Geothermal Inc. wins the bid for the 112.5 MW Tongonan I and 192.5 MW Palinpinon power plants
-EDC assumes ownership of the Mindanao geothermal power plants after the end of the cooperation period with Build-Operate-Transfer (BOT) contractors.
-EDC issues and lists P12 billion fixed rate bonds at the Philippine Dealing and Exchange Corp. (PDEX) making history as the first corporation to have its maiden bond offering listed on issue date.
-EDC is among the silver awardees scoring between 90 to 94 percent in the 2008 corporate governance scorecard, and improving its previous year’s rating of 84 percent.
-EDC inaugurates the Kananga-EDC Institute of Technology (KEITECH), a world-class technical-vocational training center in Kananga, Leyte.
-EDC’s subsidiary Bacman Geothermal Inc. wins the bid for the 150 MW Bacman power plants
-Pantabangan-Masiway hydropower complex upgrades its capacity to 132 MW.
-EDC scores its first gold in the annual Corporate Governance Scorecard which assesses compliance levels of Philippine corporations.
-KEITECH sets a record for being the only technical-vocational education and training institution in the Philippines to successfully graduate 100% of its trainees with five TESDA certifications.
-Silliman University, one of the top universities in Dumaguete City, establishes a professorial chair in energy engineering in honor of EDC chairman emeritus Oscar M. Lopez.
-EDC acquires a new drilling rig which is considered the most modern drilling rig in the country with unique features such as the variable frequency drive and Amphion integrated rig control system.
-EDC is awarded a patent by the Intellectual Property Office for the on-line Steam Purity Monitoring system developed by the company’s geoscientists and engineers to provide quick, reliable and continuous real time data of geothermal steam supplied during normal plant operations for immediate response to system upsets.
-EDC receives the Client Leadership award from the International Finance Corp. (IFC) for its pioneering role in developing and commercializing geothermal energy in the country and outstanding initiatives in sustainable development.
-EDC debuts in the offshore bond market, a historic first for a Philippine company with its 6.5% coupon and yield as the lowest ever coupon achieved for 10-year US$ denominated bond issuance.
-EDC partners with the World Wide Fund for Nature (WWF) for the Ring of Fire project which seeks to replicate the Philippines’ global success in sustainable geothermal production for Indonesia and the Asia-Pacific Region.
-With an overall rating of 98.5%, EDC bagged its second gold award in the Annual Corporate Governance Scorecard.
-The Department of Environment and Natural Resources (DENR) taps EDC to be a private sector partner for the National Greening Program.
-EDC opens its first international outpost in Santiago, Chile.
-EDC bags a platinum award in corporate governance after obtaining a gold rating in the corporate governance scorecard for three consecutive years.
-EDC breaks ground for the 87-MW wind power project in Burgos, Ilocos Norte after signing a deal with leading wind turbine supplier Vestas of Denmark.
-Tongonan and Palinpinon plants mark 30 years of continuous operation.
- EDC inaugurated its 49.4-MW Nasulo geothermal plant in Valencia, Negros Oriental.
- EDC 150-MW Burgos Wind Energy Project in Ilocos Norte started to generate electricity.
- EDC 4-MW Burgos-I Solar Power Plant in Ilocos Norte started operations.
- EDC 2.66-MW Burgos-II Solar Power Plant began operations.