EDC seeks loan from World Bank unit

Geothermal power producer Energy Development Corp. has sought a loan from the private sector arm of the World Bank to fund its capital requirements. EDC told the Philippine Stock Exchange on Monday that it has signed a $75-million loan facility with the International Finance Corp. "The proceeds of the loans will be used to fund EDC's medium-term Capex program," the company said. In the year's first three months, EDC said its net income slipped 61.4 percent to P3.77 billion owing to "foregone steam sales". The company remains the largest producer of geothermal energy in the Philippines, accounting for 62 percent of the total country installed geothermal capacity and is the largest integrated geothermal power company in the world. Besides its geothermal assets, EDC also owns and operates the 132-MW Pantabangan-Masiway hydro electric plants and has investments in wind energy projects in Ilocos Norte and other provinces. -- CMA/OMG, GMA News