EDC 2014 SR (UPDATED)
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<strong>EDC</strong> <strong>2014</strong> Performance Report<br />
ULGPPs, which is the capacity in excess of the 240MW allotted for the Strips of Energy. The<br />
bidding was conducted by the PSALM on November 7, 2013, one day before Super Typhoon<br />
Yolanda made landfall and severely affected the facilities of <strong>EDC</strong>, the National Grid<br />
Corporation and various distribution utilities in Central Visayas. Consequently, ULGEI has<br />
written PSALM that it cannot accept the award of the winning bids as the physical and<br />
economic conditions underlying the bidding process and the IPPA Administration Agreements<br />
required to be executed pursuant thereto have been dramatically altered by the severe and<br />
widespread destruction caused by Super Typhoon Yolanda in the Eastern and Western Visayas<br />
regions.<br />
In February <strong>2014</strong>, PSALM has written ULGEI informing of the following:<br />
1.)<br />
2.)<br />
ULGEI has been selected as the Winning Bidder for Forty (40) MW Strips of Energy of<br />
the ULGPP at the bidded rate/price; and<br />
PSALM accepts ULGEI’s decision not to accept the award as Winning Bidder for the<br />
Bulk Energy of the ULGPP, subject to subsequent determination/evaluation of the<br />
forfeiture of ULGEI’s Bid Security and ULGEI’s qualification to participate further in the<br />
rebidding process for said Bulk Energy.<br />
In December <strong>2014</strong>, the IPPA Contract for the strips of energy was turned over to ULGEI.<br />
ULGEI recognized revenue amounting to ₱ 8.3 million.<br />
EHIL and <strong>EDC</strong> HKL<br />
EHIL was incorporated on August 17, 2011 in British Virgin Islands and serves as an investment<br />
holding company of <strong>EDC</strong>’s international subsidiaries. EHIL owns 100% interest in <strong>EDC</strong> HKL, a<br />
company incorporated on November 22, 2011 in Hong Kong. The following entities are the<br />
subsidiaries under <strong>EDC</strong> HKL:<br />
<strong>EDC</strong> Chile Holdings SpA, which was incorporated on January 13, 2012 in Santiago,<br />
Chile, is a wholly owned subsidiary of <strong>EDC</strong> HKL and is the holding company of <strong>EDC</strong><br />
Geotermica Chile also incorporated on January 13, 2012 in Santiago, Chile. Its main purpose<br />
is to carry on the general business of generating, transmitting, and/or distributing energy<br />
derived from any and all forms, types and kinds of energy sources for lighting and power<br />
purposes and whole-selling the electric power to power corporations, public electric utilities<br />
and electric cooperatives.<br />
<strong>EDC</strong> Peru Holdings S.A.C., incorporated on January 19, 2012 in Lima, Peru is a 99.9%-<br />
owned subsidiary of <strong>EDC</strong> HKL. <strong>EDC</strong> Peru Holdings S.A.C. holds 99.9% stake in <strong>EDC</strong><br />
Geotermica Peru S.A.C., which was also incorporated on January 19, 2012 in Lima, Peru.<br />
EHIL owns the remaining 0.1% stake in <strong>EDC</strong> Peru Holdings S.A.C. and <strong>EDC</strong> Geotermica<br />
Peru S.A.C. Its main purpose is to carry on the general business of generating, transmitting,<br />
and/or distributing energy derived from any and all forms, types and kinds of energy sources<br />
for lighting and power purposes and whole-selling the electric power to power corporations,<br />
public electric utilities and electric cooperatives.<br />
On July 17, 2012, <strong>EDC</strong> Quellaapacheta was incorporated in Lima, Peru as a 70%-owned<br />
subsidiary of <strong>EDC</strong> Geotermica Peru S.A.C. Its main purpose is to carry on the general<br />
business of generating, transmitting, and/or distributing energy derived from any and all forms,<br />
types and kinds of energy sources for lighting and power purposes and whole-selling the<br />
electric power to power corporations, public electric utilities and electric cooperatives.<br />
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