By Juzel L. Danganan
MANILA, Sept 10 (PNA) – Bac-Man Geothermal Inc. (BGI), a subsidiary of Energy Development Corp. (EDC), has secured a Php 5-billion loan with three banks.
In a disclosure with the Philippine Stock Exchange (PSE) Thursday, EDC said the firm has completed the execution of loan agreements with Bank of the Philippine Islands, BDO Unibank, Inc. and Security Bank Corp.
The joint lead arrangers were BDO Capital and Investment Corp., BPI Capital Corp. and SB Capital Corp.
EDC further said BDO Capital and Investment Corp. acted as structuring advisor and sole bookrunner.
Erwin Avante, EDC energy vice president for Corporate Finance, said earlier that the company would raise Php 5 billion for BGI, with about 70 percent allocated for the assessment of geothermal steamfields located along Bacon, Sorsogon and Manito, Albay.
EDC said BGI eyes to put up three more units, would have a capacity of more than 50 MWs. One unit, according to EDC, will cost USD 150 million. BGI currently has a capacity of about 140 MWs.
Aside from EDC’s current geothermal projects in the country, it is also developing geothermal projects in Chile and Peru.
On Thursday, EDC also said in another disclosure at the PSE that its Board of Directors had approved the declaration of a special cash dividend of Php 0.11 per share for common shareholders of record as of Sept. 23 this year. It will be payable before or on Oct. 7, 2015.
EDC is the renewable-energy arm of First Philippines Holdings Corp. (PNA)