ADVERTISEMENT
Manila Bulletin devider Business devider The Stock Market devider EDC secures stable outlook on ₱12.5-billion green bond rating

EDC secures stable outlook on ₱12.5-billion green bond rating

Published Nov 3, 2025 12:44 pm  |  Updated Nov 3, 2025 02:47 pm
Energy Development Corp. (EDC), the Lopez Group's renewable energy arm, has maintained its top-tier financial standing, receiving the highest PRS Aaa credit rating with a Stable Outlook from Philippine Rating Services Corp. (PhilRatings) for its ₱12.5 billion in outstanding Fixed-Rate ASEAN Green Bonds.
Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. A Stable Outlook indicates that the rating is likely to remain unchanged in the next 12 months.
PhilRatings stated that the assigned rating and outlook take into account EDC's leading position as a pure renewable energy (RE) company, its strong parent company support, and its highly experienced management team.
Also taken into consideration are the Company’s healthy liquidity and cash flows, its manageable capital structure, and the government's supportive policies in the RE sector.
EDC remains the country’s largest pure RE company, with its 1,389 megawatts (MW) of installed capacity from geothermal, wind, hydroelectric, and solar power sources as of end-March 2025.
The Company’s core business, geothermal, has a total installed capacity of 1,095 MW, accounting for 56 percent of the country's aggregate installed geothermal capacity.
First Gen Corp. (FGen), the controlling shareholder of EDC, was likewise ranked as the third-largest domestic power producer in the country (in terms of generating capacity and market share) in 2024.
FGen had a total installed capacity of 3,639 MW as of end-2024, equivalent to about 12 percent of the Philippines’ total installed capacity.
To support further growth, EDC aims to complete additional projects and enhance operational efficiency. Its growth projects include a mix of brownfield developments, which expand existing geothermal plants, and greenfield projects, which involve developing new energy facilities in unused or underutilized land.
Moreover, EDC has expanded into Battery Energy Storage System (BESS).
Several of the Company’s growth projects reached significant milestones over the past year. Two expansion projects under the BacMan facility, the Palayan Bayan Binary Project and the Tanawon Geothermal Project, secured provisional authority to operate and achieved commercial operations in March 2025 and August 2025, respectively.
Additionally, one of the Company’s three ongoing BESS projects has achieved commercial operations in September 2025. The two other BESS projects are mechanically complete, with commercial operations expected to begin within the fourth quarter of 2025 (4Q2025).
EDC also ramped up its steam augmentation and drilling program to address natural decline and well retirements in its geothermal facilities.
PhilRatngs said EDC is expected to remain well-positioned and continue to benefit as the country shifts toward a low-carbon economy.
Government initiatives like the lower Retail Competition Open Access threshold, Green Energy Auction Program, Green Energy Option Program, and Retail Aggregation Program, which allows broader participation in the electricity market, have allowed the Company to engage with a more diverse customer base.

Related Tags

Energy Development Corp. (EDC) Philippine Rating Services Corporation
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.