Philippine geothermal company Energy Development Corp to spend $1bn on clean energy

30 July 2010

Philippine-based geothermal power company Energy Development Corp (EDC) has committed to spending more than $1bn in renewable and clean energy projects before 2016.

The company, which saw its first half net income soar by more than 113 per cent from the start of 2010, is Philippine’s largest geothermal energy producer.

Richard Tantoco, president and CEO of EDC said the company will spend $805m on new geothermal projects over five years from 2011 and $232m on an 86MW wind power project, Reuters reports.

Together, the new geothermal plants will result in an additional 230MW of electricity.

The company more than doubled its earnings for the first half of 2010 on 2009 figures, with earnings totalling PhP5.74bn ($126m) for the latest period.

In May, EDC bought two geothermal plants from National Power Corp (NPC), with a combined capacity of 150MW.

Earlier this month, Tantoco said despite investor concerns on the immediate impact of loss steam revenues, the deal continues to be value-enhancing for the company.

‘The successful acquisition of NPC owned geothermal power plants is an integral component of our forward integration growth strategy,’ he said.

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Tags: Asia, geothermal

This story was published on Friday, July 30th, 2010 at 12:19 pm and is filed under Asia, deals, geothermal. You can follow any responses to article entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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