Energy Development Corp. (EDC) will raise P11.5 billion via bilateral term loans to refinance loans and fund its capital expenditure (capex).
The bulk of the capex has been earmarked for geothermal-drilling activities.
The company is the largest geothermal producer in the country. It has a total installed geothermal capacity of 1,457 megawatts (MW).
The EDC operates five geothermal plants in Leyte. These are the 112.5-MW Tongonan, 125-MW Upper Mahiao, 232.5-MW Malitbog, 180-MW Mahanagdong power plants and the 51-MW optimization plants.
In Negros Island EDC operates two geothermal steam field projects and two geothermal plants under Bac-Man Geothermal Inc. These are the two units of Panlipinon geothermal facility (112.5 MW and 60 MW) and the 49.4-MW Nasulo geothermal plant.
The EDC also operates one geothermal steamfield project in Mindanao, which delivers steam to two EDC-owned geothermal power plants on Mount Apo which have capacities of 52 MW and 54 MW.