LOPEZ-LED Energy Development Corp. (EDC) said it executed a fixed 15-year amortizing loan with Union Bank of the Philippines for a total amount of up to P3.5 billion.
EDC, the country’s largest geothermal and wind energy company, told the Philippine Stock Exchange (PSE) on Thursday that the facility will be used to refinance existing loans of the company.
In an earlier disclosure, EDC said it ended 2016 with net income attributable to the parent at $200 million, which was 19 percent higher than the $167.3 million it made from the previous year.
“Though 2016 was a year not without its challenges, it was also the year First Gen achieved its highest net income. We are optimistic that this trend will continue with the addition of our two newest natural gas-fired plants—the 414 MW San Gabriel Flex Plant and the 97 MW Avion Peaking Plant—that will deliver full year operations this year, alongside marked improvements in the operations of EDC’s 100 percent renewable portfolio,” First Gen President and COO Francis Giles B. Puno said.