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EDC Unit Seeks PHP 5 billion for Geothermal Facility

08 Jun

Energy Development Corporation (EDC) expects to obtain PHP 5 billion worth of financing next month, which will subsequently be used by the parent to expand its geothermal facility in Bicol Region and fund steam field operations.

BacMan Geothermal, Inc. (BGI) will secure the funding via bilateral loan from three to four banks. The loan will be used by BGI to pay EDC’s expenses related to the acquisition of rehabilitation of the Bacon-Manito (Bacman) geothermal facility.

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The plant construction, which is expected to start next quarter, will take around 27 months.

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Posted by on June 8, 2015 in Corporate News, EDC, Stock Market

 

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