Monday, February 19, 2018

EDC emerges as lone Phl company in global Carbon Clean 200 list

Lopez-led Energy Development Corporation (EDC), the country’s geothermal energy leader, has added another feather to its cap by emerging as the only Philippine company to make it to the list of the world’s 200 biggest publicly listed companies that draw significant revenues from clean energy.


EDC’s inclusion in the list, called Carbon Clean 200™, provides another proof that the renewable energy company is on the right track to invest in a low carbon future.


The Carbon Clean 200 rankings are based on the total clean energy revenues of the companies, as rated by Bloomberg New Energy Finance.


Eligible companies in the list are only those with a market capitalization greater than $1 billion and have earned more than 10 percent of their total revenues from clean energy sources. The companies in the select group lead the way with solutions for the transition to a clean energy future.


Carbon Clean 200 excludes all oil and gas companies and utilities that generate less than 50 percent of their power from renewable sources, as well as the top 100 coal companies measured by reserves.  It also disqualifies companies profiting from weapons manufacturing, tropical deforestation, the use of child and/or forced labor, and companies that engage in negative climate lobbying.


Carbon Clean 200 list was launched in 2016 by non-profit organization As You Sow of Auckland, California; with media and research group Corporate Knights of Toronto, Canada. As You Sow’s mission is to promote environmental and social corporate responsibility, while Corporate Knights produces corporate rankings, research reports and financial product ratings based on corporate sustainability performance.


Both As You Sow and Corporate Knights produce the report to start a dialogue on how investors can work together to achieve a clean energy economy and on how to best evaluate and highlight those that are already transitioning to clean energy.


EDC is the first company in the Philippines to achieve a carbon-neutral status, or one that absorbs more carbon dioxide than it emits to the environment.


EDC, which ranked 119th this year in the Carbon Clean 200, hopes to move up in the list as it achieves its growth objectives in the coming years.


In 2016, the company generated 8,531.5GWh that helped the country avoid 7.5 million tons of carbon dioxide.


EDC goes beyond generating RE to help in decarbonizing the country by restoring forests through its BINHI greening legacy. It has planted 6.2 million seedlings covering 8,964 hectares of denuded land in 2016.


This resulted in 793,563 tons of carbon dioxide sequestered in 2018.  That is on top of the 2.4 million tons of equivalent carbon sequestered in biomass for taking care of our geothermal reservations. 


Its carbon footprint from operations in 2016, which amounted to 806,117 CO2e or carbon dioxide equivalent, is only 30 percent of the carbon absorption of the forests and plantations that it nurtures.


Aside from being carbon neutral, EDC is the leading renewable energy company in the Philippines.  Its total installed capacity of 1,458 megawatts from geothermal, wind, solar, and hydro power sources accounts for 21 percent of the total installed renewable energy (RE) in the country. 


EDC has committed to avoid investing in coal and to make RE more accessible to the Filipinos in order to help drive a low-carbon economy for the country.


This commitment was reinforced by EDC’s partnership with the Philippines Renewable Energy Holdings Corporation (PREHC), a consortium of investors composed of funds managed by Macquarie Infrastructure and Real Assets (Mira) and Arran Investment Pte Ltd (Arran), an affiliate of GIC Pte Ltd.


PREHC’s 31.7 percent acquisition of EDC’s total outstanding voting shares from existing shareholders is the largest single foreign investment in the country under the Duterte administration.


In the latest Carbon Clean 200 list, at least 29 countries are represented. They have an average market capitalization of $9.4 billion and generate over $363 billion in clean energy revenues per year.


China had the most number of companies in the list with 68, followed by the US with 21 firms, and Japan with 21 corporations.

Wednesday, December 20, 2017

EDC statement on the effect of TS Urduja on its Leyte Geothermal Project

We confirm that operations of our Leyte geothermal facility have been affected by landslides and flooding brought by Typhoon Urduja. As of the evening of 18 December, the Leyte geothermal facilities were producing 246 MW as compared to 462 MW before the typhoon hit.

Our team is evaluating the full extent of the damage to our facilities but it appears initially that most of the damage is not to the power plants themselves but to our pipelines and other such facilities. This has caused the reduced output of some of our Leyte plants. Meanwhile, all EDC personnel in Leyte have been accounted for.

As usual in times of calamities, our teams are working continuously not only to restore power supplies as quickly and safely as possible, but to provide assistance to our host communities.

Monday, October 9, 2017

EDC gears up for future growth with new strategic partner

Officials from First Gen Corporation (First Gen) and Philippines Renewable Energy Holdings Corporation (PREHC) pose for a group photo during ceremonies on, October 3,2017, to mark the commencement of their strategic partnership as substantial shareholders in Energy Development Corporation (EDC). The formal ceremonies followed the success of a voluntary tender offer launched by PREHC in August 2017 to acquire up to 31.7 percent of EDC’s total outstanding voting shares from existing shareholders for approximately US$1.3 billion. It is the largest voluntary tender offer in the Philippines. PREHC is a consortium of investors comprising funds managed by Macquarie Infrastructure and Real Assets (MIRA), and Arran Investment Pte. Ltd. (Arran), an affiliate of GIC Pte. Ltd. (GIC). MIRA and GIC are long­term investors with a track record in both global infrastructure and renewable energy. The partnership ceremonies, which were held at the Rockwell Center in Makati City, were led by Federico R. Lopez (fifth  from left), First Gen chairman and CEO; and David Luboff (fourth from left), MIRA senior managing director. Also in photo are (from left) Christopher Low, MIRA associate director; Richard B. Tantoco, EDC president and COO; Nicole Goh PhaikKhim, GIC vice president; Francis Giles B. Puno, First Gen president and COO; and Jon Russell, First Gen executive vice president.

Geothermal leader Energy Development Corporation (EDC) is all set to grow exponentially as its mother company, First Gen Corporation (First Gen), partners with Philippines Renewable Energy Holdings Corporation (PREHC) following the successful $US1.3 billion voluntary Tender Offer launched in August 2017.

EDC is the largest vertically-integrated geothermal company in the world.  With 1,471MW of clean and renewable power assets under its portfolio, it is also the largest pure-play renewable energy company in the Philippines.  The company has been generating power from its 222.5MW Southern Negros Geothermal Project in Valencia, Negros Oriental for over 35 years.

The First Gen and PREHC strategic partnership will bring together First Gen’s significant experience in the power, utilities and energy sectors in the Philippines, with PREHC’s extensive global infrastructure expertise, to support the long-term growth of EDC.

First Gen is a leading power producer in the Philippines that primarily utilizes clean and indigenous fuels such as natural gas, geothermal energy from steam, hydro-electric, wind, and solar power.  The company currently has 3,489MW under its portfolio of power assets.

PREHC has just acquired 31.7% of EDC’s total outstanding voting shares from existing share holders.  This consortium of investors comprising funds managed by Macquarie Infrastructure and Real Assets (MIRA), and Arran Investment Pte Ltd (Arran), an affiliate of GIC Pte Ltd (GIC) will bring in its expertise in both global infrastructure and renewable energy from its  consortium.  They own and operate a combined installed capacity of over 11,000MW globally.

“This deal that represents the largest voluntary Tender Offer in our country’s financial history demonstrates a strong vote of confidence in the direction that our country’s economy is taking,” said Department of Finance Secretary Carlos Dominguez said in the recently held Partnership Ceremony at Palm Grove Rockwell, Makati City.

Meanwhile, Department of Energy Secretary Alfonso Cusi congratulated First Gen and PREHC on this partnership for EDC, which has the biggest renewable energy portfolio in the country today.

David Luboff, MIRA Senior Managing Director and incoming member of EDC’s Board of Directors, said: “As a world-leader in the geothermal energy industry, EDC is an important supplier of clean and sustainable power to the Philippines. We are delighted to have acquired a significant interest in such an outstanding company on behalf of our investors. We’re also pleased to be forming a long-term partnership with First Gen and GIC to bring our combined expertise to EDC.” 

Under the new partnership, First Gen continues to hold a majority stake in EDC, maintaining day-to-day control of the company.