PNOC-EDC says to borrow P25 billion this year

ABS-CBN News

Posted at Jun 10 2008 05:28 PM | Updated as of Jun 11 2008 01:28 AM

Reuters

Philippine geothermal firm PNOC-Energy Development Corp said on Tuesday it plans to borrow P25 billion ($567 million) this year to fund projects, including a plan to acquire state-power assets.

PNOC-EDC President Paul Aquino said it was keen on raising the amount from the local debt market.

PNOC-EDC, which was bought by local power producer First Gen last year, has signified its interest to bid for the National Power Corp's Tiwi and Makban geothermal plants, both on the main island of Luzon.