“EDC parent paid for the purchase price and rehab of Bacman in the past. When BGI raises the money now, it will repay the parent. The parent will then use the money to expand Bacman steamfield among others,” EDC vice president for corporate finance Erwin Avante said.
The company is currently in talks with three banks for the P5-billion financing that is expected to be closed by July, officials said.
The Bacman 3 power project is located at Bacon, Sorsogon proovince and Manito, Albay. The other Bacman plants include the 120-MW Bacman 1 and 20-MW Bacman 2.
