Philippine geothermal firm Energy Development Corp (PSE:EDC) said Thursday it has entered into separate agreements with three financial institutions for as much as PHP 5 billion (USD 107m/EUR 95m) in loans.
The company obtained the credit facilities through its unit Bac-Man Geothermal Inc (BGI), which operates the 135-MW Bacon-Manito (Bacman) geothermal plant. The loans will be provided to the subsidiary by Bank of the Philippine Islands, BDO Unibank Inc and Security Bank Corp.
EDC did not disclose the planned use of the proceeds.
BDO Capital & Investment Corp acted as structuring advisor and sole bookrunner of the deals. In the meantime, it also served as lead arranger along with BPI Capital Corp and SB Capital Corp.
The Bacman complex consists of Bacman I, which includes one 55-MW and one 60-MW unit, and the 20-MW Bacman II facility. All in all, EDC has over 1.4 GW of renewable energy capacity, most of which is geothermal.