PHILIPPINES PUSH FOR NEW ENERGY

EDC allocates P67 billion for projects
Lenie Lectura, 30 July 2010 (Business Mirror)

"The Energy Development Corp. (EDC) has lined up a number of projects worth a total of P67 billion that it plans to undertake in the next six years…[A]t least $805 million will be set aside for geothermal projects with 230 megawatts (MW) in total capacity and another $232 million for wind projects with an estimated capacity of 86 MW…

"Financing will be sourced from borrowings and internal funds. Initially…EDC plans to borrow $100 million to finance its equity in the Burgos wind project in Ilocos Norte…The company said it plans to boost generating capacity by 38 percent from 1,116 MW to 1,542 MW in five years starting 2011…"

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"The listed company reported an 89-percent rise in first-half recurring profits to P4.86 billion, boosted mainly by new acquisitions. On a quarterly basis, second-quarter earnings rose 67 percent…EDC is on track to achieve its net profit forecast, with the first-half earnings already accounting for 52 percent of the full-year target…

"EDC is a pioneer in the geothermal energy industry with more than three decades of proven business viability…[It] has more than 1,400 MW under its green power portfolio…"

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"Last month, the Department of Energy (DOE) approved EDC’s proposal to put up wind projects in Mindanao… [a] 40-MW Balaoi-Pagudpud wind power project and the 86-MW Burgos project in Ilocos Norte…[and a] wind project in Taytay…DOE has approved around 44 wind projects with a total capacity of 921 MW…

"EDC remains the largest producer of geothermal energy in the Philippines to date, accounting for 62 percent of the country’s total installed geothermal capacity…[It] also owns and operates the 122-MW Pantabangan-Masiway hydroelectric plants…"