 |
| (Courtesy EDC) |
Energy Development Corp. (EDC), Indonesia’s biggest producer of geothermal energy, has signed a facility agreement for the planned issuance of P7-billion fixed rate corporate notes.
In a text message, EDC president Richard Tantoco said that “practically 100 percent” of the proceeds from the issuance of fixed rate corporate notes would be used for refinancing.
11.6 percent of the total capex budget for this year, or P1.43 billion, will be used to rehabilitate Green Core Geothermal Inc. and Bacman Geothermal Inc., both of which are wholly owned subsidiaries of EDC.
The capex budget also included expenditures amounting to P1.855 billion for the acquisition of two drilling rigs to support exploration activities within prospective geothermal areas.
In a text message, EDC president Richard Tantoco said that “practically 100 percent” of the proceeds from the issuance of fixed rate corporate notes would be used for refinancing.
11.6 percent of the total capex budget for this year, or P1.43 billion, will be used to rehabilitate Green Core Geothermal Inc. and Bacman Geothermal Inc., both of which are wholly owned subsidiaries of EDC.
The capex budget also included expenditures amounting to P1.855 billion for the acquisition of two drilling rigs to support exploration activities within prospective geothermal areas.