MANILA, Philippines — Geothermal leader Energy Development Corp. (EDC) is more determined to continue its investments in a low carbon future following its inclusion in the Carbon Clean 200™ list. The ranking was based on the companies’ total clean energy revenues as rated by Bloomberg New Energy Finance (BNEF).
As the only Philippine company in the list, EDC joins the world’s largest publicly-traded firms in leading the way in solutions for the global transition to a clean energy future.
The Lopez-owned EDC is a carbon neutral company and is the leading renewable energy company in the Philippines. Its total installed capacity of 1,458 MW from geothermal, wind, solar, and hydro power sources accounts for 21 percent of the total installed renewable energy (RE) in the country. EDC has likewise committed to making RE more accessible to Filipinos to help drive a low-carbon economy for the country. Consequently, EDC’s leadership has also pledged to not invest in coal.
The company’s commitment to the cause is also reinforced by EDC’s continuous partnership with the Philippines Renewable Energy Holdings Corp. (PREHC), a consortium of investors composed of funds managed by Macquarie Infrastructure and Real Assets (Mira) and Arran Investment Pte Ltd. (Arran), an affiliate of GIC Pte Ltd. PREHC’s 31.7 percent acquisition of EDC’s total outstanding voting shares from existing shareholders is the largest single foreign investment in the country under the Duterte administration.
Launched in 2016, Clean 200 is an initiative of non-profit foundation “As You Sow” — whose mission is to promote environmental and social corporate responsibility, and “Corporate Knights” – a Toronto-based media and research company that produces corporate rankings, research reports and financial product ratings based on corporate sustainability performance.