“They [EDC] started developing the [Burgos] wind project this year and the transfer of Northern Negros geothermal power plant next year. We see them contributing to the earnings of First Gen [and] increasing over the years,” First Gen president Francis Giles Puno said.
First Gen currently has a 49.66-percent stake in EDC while the International Finance Corp., the private sector arm of the World Bank holds 2.5 percent. The Singapore government has 4.16 percent while the investing public has 43.93 percent.
“Our current stake is almost 50 percent, before we were thinking of [acquiring] more than 50 percent,” Puno said.
EDC is bullish about its power portfolio over the next 10 years and is looking to produce 500 megawatts of capacity in its international operations and additional 500 MW to 600 MW in its domestic operations.
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