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IFC Award to EDC of the Philippines Highlights Development Benefits of Sustainable Power

Washington D.C./Manila, September 22, 2011— IFC, a member of the World Bank Group, honored Energy Development Corporation of the Philippines with the annual IFC Client Leadership Award, noting the company’s pioneering work to provide sustainable power solutions and its environmental and social track record.
At a ceremony in Washington, D.C., during the Annual Meetings of the World Bank Group and the International Monetary Fund, IFC Executive Vice President and CEO Lars Thunell presented the award to Richard Tantoco, EDC’s President and Chief Operating Officer. The award recognizes IFC clients that share IFC’s commitment to socially and environmentally sustainable development and demonstrate innovation, operational excellence, and strong corporate governance.
“The award is testament to our efforts to integrate our business with the development needs of our host communities,” Tantoco said. “We believe that as our company grows, local communities should also prosper, and the environment should be preserved. This promotes trust, which in turn gives the company its social license to operate.”
EDC is a leader in developing and commercializing geothermal energy in the Philippines. The company supplies 12 percent of the country’s total power capacity, serving more than 2 million households. It is also one of the lowest-cost producers in the Philippines—a country where electricity is 40 to 50 percent more expensive than in other Southeast Asian countries. EDC’s innovative technologies can be replicated in other countries and can help support countries in East Asia and the Pacific and in other regions to mitigate climate change.
Thunell said: “EDC was selected for its leadership in promoting an inclusive business model anchored in strong environmental and social practices. 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."
IFC focuses on addressing climate change through investment and advisory services in the renewable-energy and energy-efficiency sectors. This includes supporting first-in-kind transactions in hydropower, wind, solar power, geothermal power, and biomass and promoting the use of less carbon-intensive fossil fuels. In FY11, IFC invested $1.2 billion in renewable-energy projects, with $605 million of IFC’s commitments in the power sector alone. Since 2007, IFC has financed over $5.6 billion in clean energy projects.
Watch the video honoring the IFC Client Leadership Award 2011 .  
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal year 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org .
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