Originally published on thinkgeoenergy.com
QUICK READ: Energy Development Corporation set to receive USD 266 million capital to fund the company’s growth initiatives.
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.
The Energy Development Corporation (EDC) is the leading 100% clean, renewable energy company in the Philippines, with over 40 years of experience in geothermal technology. With power plants situated across the country, EDC is the world’s largest vertically integrated geothermal company. The company also strives to provide the best customer and value-adding services to all its customers. To learn more about lowering your business’ carbon footprint by shifting to renewable energy, visit energy.com.ph or email [email protected]