Geothermal producer Energy Development Corp. (EDC), a unit of First Gen Corp., allocated P40 billion for 2024 capital expenditures to fund its expansion and growth projects, a top executive said Monday.
"We have a mix of capex for existing operations and growth projects. Total target is around P40 billion," EDC senior vice president and chief finance officer Erwin Avante said.
The amount is higher than the P18-billion capex it allocated in 2023.
Binary projects use heat from brine, which is usually produced from the wet steam operations to generate electricity from the new power plant before re-injecting back to the reservoir.
EDC assistant vice president Allan Barcena said the company is completing its binary projects in Leyte, Sorsogon and Negros Island.
Read the full article by Alena Mae S. Flores in the Manila Standard.
