EDC seals $175M loan facility with 7 foreign banks

Amy R. Remo
Philippine Daily Inquirer

MANILA, Philippines—The Energy Development Corp., the country’s largest geothermal energy producer, closed on Monday a six-year $175-million transferable syndicated term loan facility with seven foreign banking groups.
In a disclosure to the Philippine Stock Exchange, EDC said it would use the proceeds of the loan solely to refinance the company’s existing three-year $175-million transferable syndicated term facility maturing on June 2013.
The new loan, EDC said, effectively lengthened the remaining life of the existing facility to six years from two years and has substantially lowered interest costs.
The total firm underwritten commitment received from the seven banks was in excess of $600 million, three times more than the target amount.

Read here

EDC inks new $75-million 15-year loan with IFC

By MYRNA M. VELASCO
Manila Bulletin

MANILA, Philippines — To fund its capital outlay, Lopez-controlled Energy Development Corporation (EDC) signed a new $75-million loan facility for a tenor of 15 years with the International Finance Corporation.

“The proceeds of the loans will be used to fund EDC’s medium term capex (capital expenditures) program,” the company has specified in its disclosure to the Philippine Stock Exchange.

The publicly-listed firm has lined up several investments to grow its portfolio in power generation, including those harnessing wind and hydro technologies; which serve as extension of its core expertise in geothermal.

Officials of its parent firm First Gen have indicated that the group’s capital program will mainly focus on EDC’s pipelined investments.

The company is finally moving ahead this year with its proposed 84-megawatt Burgos wind power project in Ilocos Norte, plus additional prospects of the same technology utilization in other sites.

Read here

(PERC, EDC, TA) Geothermal site proclaimed viable for power generation

Business World

A GEOTHERMAL site west of Mt. Makiling has been deemed commercially viable to produce power, an investor behind the project’s development yesterday said.

Further testing, however, is still needed to determine whether current output can be sustained.

“We are pleased to announce that two geothermal wells in the Maibarara Geothermal Power project already attained commercial wellhead pressures and stable chemistry suitable for steam supply to a power plant,” listed PetroEnergy Resources, Inc. said in a disclosure to the Philippine Stock Exchange.

PetroEnergy owns PetroGreen Energy Corp. which in turn has a 65% stake in Maibarara Geothermal, Inc., the consortium in charge of the geothermal project. 

PetroEnergy added “the wells have an aggregate capacity of about 15 megawatts (MW).”

Read here

EDC to launch $150-M syndicated loan - Manila Bulletin

By LEE C. CHIPONGIAN

MANILA, Philippines — First Philippine Holdings Corp.’s Energy Development Corp. (EDC) has sought the central bank’s approval on a proposed 15-year $150 million syndicated loan from three foreign financial institutions to partly finance a $200-million rehabilitation project for three power plants.

A source from the Bangko Sentral ng Pilipinas (BSP) said the Lopez-controlled EDC is requesting approval for a syndicated loan in the peso equivalent of $150 million from the World Bank’s International Finance Corp. (IFC),

Read here