EDC to invest in 220-MW plant in Indonesia
Monday, May 26 2014 - 04:26 PM WIB
On the sidelines of the company's annual stockholders meeting, First Philippine Holdings Corp (FPH) chief financial officer Francis Giles B. Puno said the Lopez-led firm is investing in a 220-megawatt power plant in the Southeast Asian nation, according to interaksyon.com
EDC is a unit of First Gen Corp, which is owned by FPH.
Total investment cost for the entire project is over a billion dollars, with EDC's share pegged at "roughly US$200 million," Puno said.
The Lopez-led company will take a minority stake in and management control of the power plants. Eventually, the company may secure majority control of the project.
FPH chairman Frederico Lopez said there are opportunities in the power generation space in Indonesia because the sector is just opening up.
"That's what we can provide as value-added. With our experience in geothermal, we can come into a country like Indonesia where there are lots of geothermal opportunities," Puno said.
Although EDC is the world's largest integrated geothermal energy company with its portfolio of steam fields and power plants, the company's operations are solely based in the Philippines. (*)