EDC rising to be an International Global Player for Geothermal

Bacon-Manito geothermal power plant, Philippines (source: First Gen Corp.)

Francisco Rojas 14 May 2014

EDC is expanding its operations more actively in international markets, shaping it as a global player in the geothermal industry. In the stockholder’s meeting from yesterday, it was expressed that more emphasis on international projects is the key for future expansion and revenues. The firm expects to post record profits in the following year, portraying that the international expansion is being successful.

According to the news source,  EDC’s president Richard Tantoco mentioned that “We are in exactly the middle of our 10-year transition period, with end goals of a diversified power company in terms of geography and technology. We continue to explore the geothermal potential of our five frontier areas all over the country as well as the 20 concessions we now own overseas while we diversify our clean energy portfolio with wind power in Luzon,” he said. The company expects to book a record-breaking profit next year, as its geothermal and wind power projects are expected to go full blast. “We are looking forward to a very good 2015… record-breaking,” Tantoco said although he declined to provide the profit guidance for 2015.

The company has several wind and geothermal projects currently in development, which account for much of the firm’s current success and positive outlook, such as he 49-MW Nasulo geothermal facility and the full rehabilitation of Bacon-Manito (BacMan) geothermal power plant’s Unit 2. The same online source details that last year, EDC’s consolidated revenues stood at P26.65 billion, 9.6 percent lower than P28.36 billion in 2012. Similarly, recurring net income decreased 27 percent to P7.45 billion from P10.24 billion in 2012.

Source: ABS CBN News Website