EDC vice president for corporate finance Erwin Avante told reporters at the sidelines of the stockholders’ meeting the company planned to borrow from local banks to fund exploration for the Bacman geothermal plants and the Mindanao 3 power projects.
“We plan to raise financing for the P5 billion within two to three months. The P5 billion is around 70 percent of the project cost,” Avante said.
