EDC launches green bond framework

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    Energy Development Corp. (EDC) is launching its maiden Green Bond Framework today, March 5.

    The bond issuance is intended for the financing or refinancing of new and existing renewable energy projects that are considered eligible green projects from the approved bond shelf registration of up to P15 billion.

    The initial tranche can go as high as P3 billion with an oversubscription option of up to P2 billion fixed rate bonds subject to the approval of the Securities and Exchange Commission and to be listed on the Philippine Dealing & Exchange Corp.

    “We’re going full steam ahead to expand our geothermal portfolio with two projects this year, our 45th year of operation. Our 24/7 clean geothermal energy is one of our country’s strengths that will help the transition to a low carbon economy,” said Richard Tantoco, EDC president and chief operating officer.

    The company has over 1,480 megawatts (MW) of total installed capacity and accounts for 20 percent of the country’s total installed renewable energy capacity.

    Its almost 1,200 MW geothermal portfolio comprises 62 percent of the country’s total installed geothermal capacity.