EDC receives Client Leadership Award by IFC
Bacon-Manito geothermal power plant, Philippines (source: First Gen Corp.)
Alexander Richter
4 Eki 2011
The Philippine Energy Development Corp. (EDC) receives IFC's Client Leadership Award, for its pioneering efforts as well as for bringing the development and commercialization of the country's geothermal energy at close to matching the world's leader in the field.
Last week, Philippine news reported that the country’s Energy Development Corporation (EDC) was conferred the Client Leadership Award by the International Finance Corporation (IFC), the private sector arm of the World Bank Group. The award was given to the company for “its pioneering effort as well as in bringing notches ahead the development and commercialization of the [Philippines]’ geothermal energy at close to matching the world’s leader in the field”
“The publicly-listed firm has primarily been selected for advocating various facets of operations that provided it leverage to perform better relative to what its competitors can offer to both the market and its customers.
These, according to the IFC, roped in “operational excellence, sustainability, environmental management, social responsibility and corporate governance.”
Upon receiving the award at the Bank’s headquarters in Washington DC from IFC Executive Vice president and Chief Executive Officer Lars Thunell, EDC President and Chief Operating Officer Richard B. Tantoco remarked that the recognition “is indeed a solid testament to our groundbreaking and sustainable efforts to achieve development in our host sites where we serve 43 villages and 18,000 households.”
According to Thunell, “EDC was selected for its leadership and good environmental and social practices.”
The geothermal firm enjoys a long-standing partnership with the IFC; with the latter consistently extending loans to various projects that the company has been setting into implementation.
“We are proud to call EDC a client and partner, and we look forward to exploring new opportunities to bring renewable energy solutions to other emerging markets,” the IFC executive has noted. While at the IFC premises last week, Tantoco also made presentation at an on-going workshop at the bank on the Institutional Development Goals; and he also took the chance to share “EDC’s experience in linking strategies and targets to incentives, and using these business tools to impact development.”
Source: Manila Bulletin
