Energy Development eyes takeover of Mindanao plant in June
MANILA, Philippines - Energy Development Corp. (EDC), the geothermal and renewable energy development unit of the Lopez Group, said it expects to take over the 106-megawatt (MW) Mindanao Geothermal Production Field by June this year.
EDC president Paul Aquino told reporters that in preparation for the takeover, the company is now hiring additional personnel.
He said they are also undergoing documentation processes. “Next steps include inventory count and legal documentation,” he said.
According to Aquino, the turnover to EDC of the build-operate-transfer (BOT) plant will enable the company to earn an additional P25 million in revenues monthly.
The takeover is part of the company’s major platforms to achieve future growth.
Specifically, Aquino said taking over the Mindanao geothermal facility is also consistent with the firm’s plan to engage in various organic growth activities.
EDC began its commercial operations in 1984 as a government owned and controlled corporation tasked to accelerate the exploration and development of the Philippines’ indigenous energy resources.
The company, formerly a subsidiary of Philippine National Oil Co. (PNOC), became fully private in 2007 and is now majority-owned by First Gen Corp., through Red Vulcan Holdings. – Donnabelle Gatdula
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