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?
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The Lopez Group’s, Energy Development Corp (EDC), announced that they are targeting to be the world’s number 1 producer of Geothermal Energy by bidding for the Philippine government’s geothermal assets. If they win their bids for the Tongonan and Palimpinon Geothermal plants it will add 455.5MW’s to their capacity and bump up their total geothermal capacity to 1,650 MW,
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Lopez owned, Energy Development Corp (EDC), will push through with its P20 B Geothermal Expansion project at the Bacon-Manito (BacMan) geothermal power field in Albay. The field sits in a 25000 hectare area and is currently generating about 150 MW of capacity.

The expansion project entails construction of steam production complexes at Manito, Rangas and Tanawon. All sites are expected to generate 120 MW of power or 40 MW from each field. Each site will carry a cost of over P6 Billion to develop and survey.
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Aboitiz Power informed the Philippine Stock Exchange that they are in the process of obtaining P3.9B worth of funds for their acquisition projects.

Aboitiz Power signed a notes facility agreement with a number of institutions (BDO Capital & Investment Corp., BPI Capital Corp., First Metro Investment Corp., ING Bank N.V. Manila) to act as joint lead managers. The notes will carry a term of five and seven years and will be issued to not more than 19 institutional investors.
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EDC President and Chief Executive Officer Paul A. Aquino said that they are planning to put their energy projects abroad on hold due to slowing economies and tight credit markets.
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Energy Development Corp. (the privatized PNOC-EDC) acquired a P4.1-billion loan from the World Bank’s International Finance Corp (IFC). EDC president and chief executive officer Paul Aquino said that the loan would be used to fund their renewable energy projects in the country. More specifically in the geothermal sector.

According to the terms of the deal, it will be a 15-year tenor with three year’s grace period. The loan was signed yesterday by EDC’s Aquino and IFC country head Jesse Ang.
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