Energy Development Corp. (EDC), a leading renewable energy developer, on Tuesday announced a capital expenditure (capex) budget of up to P30 billion for 2025 to fuel ongoing growth projects, particularly in geothermal energy. The proposed amount, according to EDC chief finance officer Erwin Avante, is subject to board approval and could be adjusted based on financing needs.
“Around P30 billion, which is more or less the same we expect for 2024,” Avante shared with reporters. “We’re still lining up the financing, but yes, we will definitely borrow.”
A significant portion of EDC’s capex will be directed toward drilling geothermal wells and advancing other key development initiatives. This includes two greenfield geothermal projects in Indonesia, where EDC was recently granted surface exploration and drilling rights by the Indonesian Ministry of Energy and Mineral Resources for the Koto Sani Tanjung Bingkung and Bora Pulu projects.
Each of the geothermal sites is expected to have a potential capacity of up to 40 megawatts (MW), with a total development cost of USD456 million for both projects. The company said the numbers may be revised once additional geological data is collected.
As part of its growth strategy, EDC is working toward contributing to the 13,000 MW low-carbon energy portfolio of its parent firm, First Gen Corp., by 2030. Of this target, 9,000 MW is planned to come from renewable energy sources, including geothermal, where EDC already leads with 80 percent of the country’s installed geothermal capacity.
The company’s current geothermal portfolio stands at 1,169.85 MW, solidifying the Philippine position as the third-largest geothermal energy producer globally.
EDC’s ambitious expansion plans align with its commitment to support the country’s transition to sustainable energy, while also positioning itself as a key player in the growing Southeast Asian renewable energy market.
