We confirm that Richard B. Tantoco is stepping down as EDC’s president effective on July 1, 2023 but will continue to be a member of our Board of Directors.
The company’s Chief Operating Officer, Jerome H. Cainglet, was carefully selected by the Board of Directors to be EDC’s next President and COO.
Mr. Tantoco is going on leave for health reasons.
Mr. Cainglet has long been with the Lopez Group for close to 33 years now, more than 30 years of which were in the power and energy group. He and Mr Tantoco have been working together from as far back as the Malampaya Gas-To-Power project, then the biggest single industrial investment of the Philippine government.
As part of EDC’s succession plan, he brought Mr. Cainglet to EDC as Deputy COO in February 2022. This was very crucial in ensuring a smooth transition of senior leadership in EDC, which is now taking place.
This change in EDC’s leadership will not affect the company’s growth mode with its seven new projects, some of which are already in the construction phase. Rest assured that collaborations with partners towards our country’s decarbonized and regenerative future will likewise continue.
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.