EDC Manila Plans to Invest $1 billion in Green Energy Projects

Energy Development Corp (EDC) Manila, a geothermal power generating company and a division of First Gen Corp the biggest private power generation company in Philippines, has announced its strategy to invest more than $1 billion in projects related to green energy over a period of five years from 2011.

Richard Tantocom, president of the company, further announced that the company has plans to invest roughly $805 million on new geothermal projects that are expected to generate around 230 MW of electric power and an additional $232 million for an 86 MW wind power project.

Energy Development Corp (EDC) Manila has announced its plans to fund the project with 30 percent equity and 70 percent debt. During May this year the company has bid $28.25 million for two state geothermal plants with a total power generating capacity of 150 MW. Geothermal power production constitutes nearly 20% of the all types of power productions in Southeast Asian countries and EDC produces nearly 60% of the total geothermal power production of Philippines. According to its website the company claims to produce around 1200 MW of geothermal power in a year.

According to Tantoco the net income of the company is expected to reach 8.7 billion pesos during the current year compared to 3.4 billion pesos during 2009. He attributed the large collection of power projects and higher level of electric power sales as the reason for the increase in income.

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