MANILA - Lopez-led Energy Development Corp. (EDC) is planning to raise as much as P18 billion this year to fund expansion projects and payments of maturing debts in 2010.

At the sidelines of the company's annual stockholders' meeting on Tuesday, EDC Chief Executive Officer Paul Aquino said the amount will be sourced through a series of bond offerings, a notes issuance, and a loan from the World Bank's International Finance Corp. (IFC).

Just today, EDC signed an agreement for a 5-year and a 7-year fixed-rate corporate notes facility amounting to P7.5 billion.

This facility was arranged by Banco De Oro Capital and Investment Corp., co-led by the Philippine National Bank Capital and Investment Corp., RCBC (Rizal Commercial Banking Corp.) Capital Corp., and Security Bank Capital Corp. According to EDC, this issue was 2.5 times oversubscribed.

Aside from this, Aquino said EDC is considering a bond issue amounting to between P3.5 billion and P5 billion in the coming months and a possible loan from IFC. He said the company has yet to discuss the terms of both fund-raising activities.

"We'll try for a private placement first, see how the market is here, then we'll try for a bond offering. Hopefully windows will still be open," he said.

EDC is hoping to win the bidding for the 192.5-megawatt Palinpinon and the 112.5-MW Tongonan geothermal power plants on August 12 this year. Aquino said the bid is crucial as this will set the direction for the company's prospects in the short to medium term.

"We have the money for that. If we win it, then we can decide what to do next. If we don't, well, we'll win in for sure," he said.

EDC is also preparing to pay $300 million in maturing debt next year, bulk of which is the $230-million Miyazawa 2 loan maturing on June 26, 2010.