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International Project Finance for Geothermal Steam and Electric Power Plants


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International Project Finance Group looks at EDC which is an integrated Geothermal Steam and Electric Power Producer with its core activities being the exploration, development, and production of geothermal energy.

The company is an existing LLS Global Funding client and is seeking long term, local currency financing to support their medium term capital expenditure program.  The Company was fully privatized in December 2007 and LLS arranged its first commercial long term loan for $86M in 2008.

The project finance sponsor is First Gen Corporation, through Red Vulcan Holdings which controls 60% voting rights of EDC. Red Vulcan is controlled by the First Gen Corporation– the largest integrated independent power producer in the Philippines. In addition to the 60% voting rights of Red Vulcan, First Gen owns direct investment in EDC of 2.45% and has a call option for up to 3.12% more shares in EDC. Finally, First Gen directly owns 5% of EDC’s common shares. First Gen is member of the Lopez group of Companies– one of the oldest conglomerates in the Philippines with holdings in Media, Telecommunications, Energy and Property.

LLS Global Funding proposed an IFC Corporate Finance  investment of $75 million A loan and the potential mobilization of another $75M from bilateral sources. The proceeds of these Business Loans will be used to partially finance the company’s medium term capital expenditure plan.

The company is headquartered in Metro Manila, Philippines, and its major projects are located on the islands of Luzon, Leyte, Mindanao, and Negros island.

First Gen Corporation


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