Powering economic and social development
EDC manages 1.4GW of renewable energy generation capacity across geothermal, solar, hydropower and wind. Representing approximately 20 per cent of total installed renewable energy in the Philippines2, EDC is a critical component of the country’s energy landscape.
When Typhoon Urduja hit the Philippines in December 2017, it dropped 1,400mm of water in four days3 and reduced generation capacity at EDC’s Malitbog Geothermal Power Plant by 50 per cent. At the time of the typhoon, the area was still recovering from a serious earthquake that occurred in the previous July.
With a focus on enhancing security of supply for the communities that rely on EDC’s clean electricity, MIRA and its co-investors are supporting the business as it invests to increase the resilience of its portfolio against future extreme weather events.
This significant capital investment has included the installation of geohazard early warning systems and more robust modelling of potential slope failure and landslide risks. The business is also investing to reconfigure and reinforce pipelines and cooling towers to protect against seismic disruption.
MIRA has a long track record of confidently leading consortiums through complex transactions. This experience was particularly valuable when MIRA acquired its initial stake in EDC in 2017 after leading a consortium in a $US1.3 billion public tender offer for 47.5 per cent of the business. At the time of the offer, EDC was the 18th largest company by weighting on the Philippines Stock Exchange (PSE).
In late 2018, EDC was successfully delisted from the PSE and the MIRA-led consortium increased their stake in the business to 54.1 per cent as a result. The initial investment and subsequent take-private was the second major energy deal for MIRA in the region in the space of 12 months and saw it recognised as Asia-Pacific Energy Investor of the Year4.
The right partners at the right time
Michael Rodriguez, Managing Director
For more information about our renewables capabilities, please contact us.
All information current as at 31 March 2019, unless otherwise stated.