Energy Development Corp (EDC) of the Lopez Group is said to be remiss in paying their real estate taxes to the local government of Leyte since 2004. The two affected properties are the 132.0 MW Upper Mahiao Power Plant and the 232.0 MW Malitbog Power Plant. Non payment of the real estate taxed would result in the provincial government auctioning off the two geothermal power plants.
So does this mean that part of the loan acquired by EDC from IFC will go to paying off their real-estate taxes?
This is one weird story indeed. Considering that the Visayas is in dire need of electricity because of the lack of power plants, shutting off those two geothermal power plants to auction them off could spell disaster for the central island clusters of the Philippines.
[source]
Category: Geothermal, EDC
