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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 units—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 plants—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.

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