May 30, 2011 | admin | Comments 0

EDC to get s $75 million loan from World Bank

In the Philippines, Energy Development Corp. (EDC) has signed a $75-million loan with the International Finance Corp., the private sector investment arm of the World Bank group. The 15-year loan facility will help finance the company’s medium-term capital expenditure program, which would see the construction of geothermal facilities that can generate a combined 230 MW within existing concession areas, as well as a wind farm. The projects under construction or and rehabilitation are the 150 MW Bacman geothermal plant to be finished by 2012; the 40-MW Tanawon and 20-MW Nasulo geothermal projects (2013); 50-MW Mindanao 3 geothermal project (2014); and the 40-MW Rangas geothermal project and 40-MW Kayabon project (2015).

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