“So roughly, we will spend around P30 billion on drilling operations and another P30 billion in growth initiatives for the next three years,” Puno continued.

“We will do a phased kind of borrowing for certain periods for this, and [some funds] will come from internally generated funding. Specifically, the funds will be used for the maintenance of our work-over wells (current wells) and the 40 new wells mentioned earlier.”

EDC claims to be the country’s largest vertically integrated geothermal company, with an installed capacity of 1,179 MW. Its parent firm First Gen is part of the Lopez group of companies.

Shares of First Gen Corp. were up 68 centavos at P18.24 on Monday.

EDC is First Gen Corporation’s 100 percent renewable energy subsidiary with over 1,480MW total installed capacity that accounts for 20 percent of the country’s total installed renewable energy capacity. Its almost 1,200MW geothermal portfolio comprises 62 percent of the country’s total installed geothermal capacity and has put the Philippines on the map as the 3rd largest geothermal producer in the world. ###