The Lopez Group’s, Energy Development Corp, through their subsidiary Green Core Geothermal Inc. (GCGI), disclosed to the Philippine Stock Exchange, that they were pre-paying to the government’s Power Sector Assets and Liabilities Management Corp. (PSALM) over $123.8 million for the purchase of the Panlinpinon and Tongonana geothermal power plants.
The $123.8 million is a pre-payment of the money owed to the government for GCGI’s winning the power plants during a public auction a few months ago. The prepayment will be done on Dec. 29, 2009 and will cover all deferred payments due, including principal and accrued interest.
EDC said that the funds for the pre-payment will come from cash on hand sourced from private placement and cash flows from their existing operations.
As the leader in Geothermal Energy production in the Philippines, EDC has also shown interest in the recent round of public auctions hosted by the Department of Energy for Philippine Geothermal Energy Contracts.
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Category: Clean Energy, Geothermal, EDC
