39842 - Energy Dev III

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Summary of Investment Information

Project Number

39842

Company Name

ENERGY DEVELOPMENT CORPORATION

Date SPI Disclosed

Jan 2, 2018

Country

Philippines

Region

East Asia and the Pacific

Projected Board Date

Feb 2, 2018

Environmental Category

B - Limited

Status

Active

Last Updated Date

Jun 24, 2018

Department

Regional Industry - INF Asia & Pac

Industry

Infrastructure

Previous Events

Approved : Mar 7, 2018
Signed : Mar 22, 2018
Invested : Jun 22, 2018

Sector

Geothernal - Renewable Energy Generation

Project Description

EDC is an integrated geothermal steam and electric power producer with its core activities being the exploration, development, and production of geothermal energy. The company operates 1,169 MW of geothermal, 150 MW of wind, 132 MW of hydroelectric power, and 6.8 MW of solar, delivering a total of 1,457.8 MW (gross) of clean and renewable energy. EDC owns over 60% of the country's total installed geothermal capacity of 1.9GW.

The company is an existing IFC client and is seeking financing to support EDC's 2018 capital requirements and other general corporate purposes for existing geothermal operations. These capital expenditures include the balance of work related to the return of service of the geothermal power plants in Leyte that were affected by the July 2017 earthquake and project initiatives aimed at increasing the reliability, efficiency and throughput of EDC's existing geothermal facilities as well as reducing outages and health, safety & environment (HSE) risks.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	90.0
Equity

Development Impact

The project will: i) help address the climate change impacts in the Philippines by providing base load renewable energy power; ii) help maintain the avoidance of GHG emissions equivalent to about 5,047,997 tons of CO2 per year; iii) contribute to diversification of Philippine electricity generation mix in the Philippines which is currently skewed towards coal based generation; iv) provide uninterrupted, reliable electricity supply to people of Philippines.

IFC's investment will: i) support private sector investment in renewable power in general and geothermal power in particular as part of the government commitment to reduce carbon dioxide emission as demonstrated in the government's signature of Paris Agreement on Climate Change; ii) provide continued support to EDC to manage E&S risks and ensure the implementation of IFC's Performance Standards.

E&S Category Rationale / Risks and Mitigation

This is a Category B project according to IFC's Procedure for Environmental and Social Review of Projects because there are a limited number of specific environmental and social impacts that can be avoided or mitigated by adhering to generally recognized performance standards, guidelines, or design criteria. Operation and maintenance of geothermal assets may include the periodic cleaning of existing steam wells and drilling of new make-up wells, modification and installation of steam lines, improvement of access roads, and slope stability measures, among other activities. The company's ESMS is mature and functioning well and is adequately staffed to manage the maintenance and operation of existing geothermal facilities in a manner consistent with the objectives of the IFC Performance Standards.

Contacts

For Inquiries About the Project, Contact

Energy Development Corporatio
Erwin O. Avante
Vice President, Corporate Finance
+632 9822177
avante.eo@energy.com.ph
38F One Corporate Center, Julia Vargas corner Meralco Ave., Pasig City, Metro Manila, The Philippines
www.energy.com.ph

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Local Access of Project Documentation

Email: pubrels@www.energy.com.ph

Call: (+632) 667.7EDC (667.7332) / (+632) 755.2332

Head Office: 38/F One Corporate Centre, Julia Vargas corner Meralco Avenue, Ortigas Center Pasig City 1605, Manila, Philippines

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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