EDC bonds get highest rating
The Lopez family’s Energy Development Corp. bagged the highest rating for its outstanding retail bonds, debt watcher Philippine Rating Services Corp. said.
Philratings assigned the score of PRS Aaa for EDC’s P3.5-billion retail bonds due on Dec. 4, 2016, P3-billion retail bonds due on May 3, 2020, and P4-billion retail bonds due on May 3, 2023.
Philratings said the score was given due to EDC’s strong balance sheet, its position as the leading vertically integrated geothermal power producer in the country as well as strong revenue growth and sustained profitability.
EDC accounted for 60.9 percent of the country’s 1,918 megawatt (MW) installed geothermal capacity in 2014.
The company has also been venturing into other indigenous renewable energy projects involving hydropower, wind and solar energy.
In 2008, EDC ventured into hydroelectric power generation after acquiring a 60-percent equity in the 132-MW Pantabangan-Masiway hydroelectric power plants.
During the last quarter of 2014, it also commenced the commercial operation of the 150-MW Burgos wind energy project, the largest wind farm in the country. The 4.1-MW Burgos solar energy project also completed its first phase and started commercial operations in March 2015.
As a result, EDC’s total installed generating capacity stood at 1,455 MW, accounting for 24.7 percent of the country’s 5,898-MW installed renewable energy capacity as of end-2014.
Consolidated revenues for the period ended Dec. 31, 2014, increased by 20.3 percent to P30.9 billion. Net income that year hit P11.8 billion, up from the P5.6 billion recorded in 2013. Miguel R. Camus
