EDC allots P32B for capex

The Philippines' largest geothermal company, Energy Development Corp. (EDC), has allocated P32 billion for capital expenditures this year, the company's top financial officer said.

The amount is P10 billion more than the company's capex in 2012, with EDC embarking on a $300-million wind farm project in Ilocos Norte. “Bulk of [the amount] will be for the Burgos project,” said EDC chief finance officer Nestor Vasay.

The 87-megawatt Burgos Wind Project (BWP) is scheduled to be completed in 2014. It is expected to generate 233 gigawatt-hours (GWh) annually and supply power to more than a million households.

EDC expects revenues to reach P30 billion this year, P4 billion more than its revenues in 2012.

“We have these new contracts in Green Core Geothermal, Inc. and of course we’re having expecting more contributions for BacMan,” said Vasay.

Green Core Geothermal is a wholly-owned subsidiary of EDC, while the BacMan project consists of two plants on the boundary of Legaspi City and Manito town in Albay and Bacon district in Sorsogon City, Sorsogon.

EDC, a subsidiary of the Lopez-controlled First Gen Corporation, is also dealing with a landslide at its Leyte-based geothermal power firm on Friday that killed five workers. Seven more are still missing. In a statement on Friday, the Energy Development Corporation (EDC) confirmed the casualties, adding that 21 workers were treated while 11 sustained minor injuries. — BM, GMA News