EDC to tap new ASEAN green bonds for expansion goals

Originally published on powerphilippines.com

In an attempt to generate Php 10 billion to finance the company’s expansion goals,  the Energy Development Corporation (EDC) will tap new ASEAN green bonds.

The proposed second round issuance would include Php 10 billion fixed-rate bonds that would still be subjected to the approval of the Securities and Exchange Commission (SEC) as well as the Philippine Dealing and Exchange Corporation.

In a disclosure to the Philippine Stock Exchange, EDC authorized the public sale and listing of the second installment of its shelf-registered ASEAN green bond program.

ASEAN green bonds are designated for specific purposes, with the proceeds exclusively allocated to finance or refinance, either partially or entirely, new and/or existing eligible green projects that adhere to the ASEAN Green Bond Standards.

After exiting the debt capital markets in 2013, EDC returned with its first issuance of the green bond.

The company secured Php 5 billion from the initial offering of the ASEAN green bond, launched in 2021.

In other developments, EDC is now developing its battery energy storage system (BESS) facilities offering a combined capacity of 40 megawatts (MW).

Three independent BESS constructions are part of this project, and they are situated alongside EDC’s current geothermal power facilities in Negros Oriental, Leyte, and Sorsogon.

Each structure would be utilized to store extra energy produced by the company’s geothermal units and deliver it as needed. 

For almost 40 years, EDC has been supplying the Luzon and Visayas areas with a dependable source of clean power, making the Philippines the third largest geothermal producer in the world.

Energy Development Corporation (EDC) is First Gen Corporation’s 100% Renewable Energy (RE) subsidiary with over 1,480MW total installed capacity that accounts for 20% of the country’s total installed RE capacity. Its 1,185MW geothermal portfolio comprises 62% of the country’s total installed geothermal capacity, making the Philippines the third largest geothermal producer in the world. First Gen is the Philippines’ leading clean energy company.