Lopez-led EDC taps loan from IFC

MANILA, Philippines - Listed energy producer Energy Development Corp. (EDC) has tapped the International Finance Corp. (IFC) for a loan which would address the company's capital spending in the medium term. EDC, which is controlled by the Lopez Group, signed a P4.1-billion loan with IFC, the private sector lending arm of the World Bank. "This loan is a testament to IFC's support for EDC's long-term vision of becoming a global leader in the renewable energy industry, particularly in geothermal energy," EDC president and chief executive Paul Aquino said during the loan signing on Tuesday. The loan matures in 15 years with a three years grace period. "We believe this terms reflect IFC's confidence on EDC's consistent financial performance," said EDC chief finance officer Fenina Rodriguez. EDC produces more than 60 percent of the country's geothermal capacity. It has also ventured in hydropower with the recent acquisition of 60 percent of First Gen Hydro Power Corp. "Our entry into the hydro power space clearly complements our portfolio and provides EDC with vast opportunities for growth," Aquino said. Aside from geothermal and hydro, EDC is also developing a wind farm of up to 86MW in Burgos, Ilocos Norte. EDC shares have been trading at the Philippine Stock Exchange within a range of P2.22 to P7.20 over the past 52 weeks. It closed 2.65 percent higher at P2.32 per share when the benchmark index surged 6.03 percent on Tuesday. GMANews.TV