Energy Development Corp Pays Down Debt
Via the Manila Standard:
Energy Development Corp., the renewable energy unit of First Gen Corp., will settle today its 22-billion yen debt (approximately $245 million), moving the company closer to overhauling the currency mix of its loan portfolio.
The company posted a P3.80-billion net income in the first quarter this year, up 68 percent from P2.27 billion year-on-year.
Two unitsâ€”Green Core Geothermal Inc., operator of the 192.5-megawatt Palinpinon and 112.5-MW Tongonan I geothermal power plants, and First Gen Hydro Power Corp., operator of the Pantabangan and Masiway hydroelectric plantsâ€”contributed P1.22 billion to the income.
Energy Development remains the largest producer of geothermal energy in the Philippines to date, accounting for 62 percent of installed capacity.