Maybank Invest ASEAN Philippines 2015 Makati Shangri-La Hotel, Manila August 25, 2015
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1 Maybank Invest ASEAN Philippines 2015 Makati Shangri-La Hotel, Manila August 25, 2015
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3 DISCLAIMER This presentation contains certain forward looking statements. These forward looking statements include words or phrases such as EDC or its management believes, expects, anticipates, intends, plans, foresees, or other words or phrases of similar import. Similarly, statements that describe EDC s objectives, plans or goals also are forward-looking statements. All such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Such forward looking statements are made based on management s current expectations or beliefs as well as assumptions made by, and information currently available to, management. EDC does not make expressed or implied representations or warranties as to the accuracy and completeness of the information contained herein and shall not accept any responsibility or liability (including any third party liability) for any loss or damage, whether or not arising from any error or omission in compiling such information or as a result of any party s reliance or use of such information. The information and opinions in this presentation are subject to change without notice. This presentation does not constitute a prospectus or other offering memorandum in whole or in part. Information contained in this presentation is a summary only and is prepared for discussion purposes and is not a complete record of the discussions. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any security. There shall be no sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under securities laws of such state or jurisdiction. By receiving this presentation, each investor is deemed to represent that it is a sophisticated investor and possesses sufficient investment expertise to understand the risks involved. Prospective investors should undertake their own assessment with regard to their investment and they should obtain independent advice on any such investment s suitability, inherent risks and merits and any tax, legal and accounting implications which it may have for them.
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5 CONTENTS Key Investment Highlights 8 Investment Summary, 9 Domaine Expertise, 10 Cornerstone Investors, 11 EDC s Business Model, 12 Contract-based Cash Flows, 13 Track Record for Growth, 14 Favorable Industry Dynamics, 15 Managing Financial Risks, 16 Dividend Policy Review 1H 2015 Financial Results 18 1H 2015 Significant Events, 19 Revenues, 20 Operating Expenses, 21 Recurring Net Income, 22 Financial Ratios, Company Updates 24 Tongonan Retrofit, 25 EDC s Growth Agenda, 26 Bacman 3 NTP, 27 Burgos Project Update, 29 Latin America Expansion Update MW TONGONAN 32 YEARS OLD Mexico: 2,500 MW Online: 950 MW Costa Rica: El Salvador: Guatemala: Nicaragua: 200 MW 150 MW 200 MW 300 MW Online: 475 MW 70.6 % 74.4 % 75.8% CAPACITY FACTOR AVAILABILITY RELIABILITY Peru: 3,000 MW Chile: 1,400 MW Online: 0 MW Geothermal Potential Tongonan Retrofit Project Started in January 2014, the Tongonan retrofit project is expected to improve plant s overall reliability, output and efficiency. Burgos Project Update EDC still guides for a 4Q 2015 completion, even as on-going developments for the Laoag-San Esteban TL Project is encouraging. International Expansion EDC is targeting 400 to 500 MW over the next 10 years in the resource rich Latin America, with its portfolio of early stage geothermal assets. Key Takeaways
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7 KEY INVESTMENT HIGHLIGHTS
8 TOP REASONS FOR INVESTING IN EDC -- A GLOBAL DIVERSIFIED RENEWABLE POWER COMPANY 1 of 11 light bulbs EDC accounts for 9% of the Philippine s electricity production Into geothermal, hydro & wind and now diversifying into solar energy 88% Revenue derived from long-term contract agreements 5 Concessions acquired in Chile & Peru Geothermal is 11% of Installed capacity 1H 15 Highlights Revenues Php16.8 billon RNIA Php4.7 billion EBITDA Php9.7 billion 10 Wind concessions acquired with ~543 MW capacity Domaine Expertise Contract-based Cash Flows Track Record of Growth Favorable Industry Dynamics Strong Credit & Investment Profile Robust Growth Largest vertically integrated geothermal company globally 69% Revenue derived from contract tenors of greater than 6 years YEAR 2031 Concession agreements start expiring 100% Successfully acquired power plants inside its geothermal concessions Feed-in-Tariff (FIT) Php0.0406/kWh promulgated Registered RE project developers now being paid at FIT rate Geothermal provides 13% of electricity production in the Philippines Managing Financial Risks Interest rate on 90% of loans are fixed 5.3 yrs. loan life 5.4% Interest cost 30% of revenues are US$ indexed Domestic Expansion Install 137MW of geothermal capacity Overseas Expansion Drill wells in Mariposa, Chile by Key Investment Highlights
9 EDC IS THE LARGEST VERTICALLY INTEGRATED GEOTHERMAL COMPANY GLOBALLY TOP 5 GEOTHERMAL COMPANIES Plant Type Manufacturer MW Burgos Wind Vestas MW Burgos Solar Juwi Hydro Andritz Hydro Toshiba MW Pantabangan 12.0 MW Masiway MW Bacman I 1 1 COMPANY 1 Geothermal Mitsubishi MW Tongonan Geothermal Mitsubishi MW Palinpinon I Geothermal Fuji 2 1,169 1,169 Comision Federal de Electricidad Enel Green Power Chevron 5 Ormat MW Palinpinon II* Geothermal Fuji MW Upper Mahiao Geothermal GE/Ormat/Kato MW Malitbog EDC Geothermal Toshiba/Alstom 20.0 MW Bacman II MW Optimization Geothermal Various MW Nasulo Geothermal Fuji MW Mindanao I Geothermal Mitsubishi 54.0 MW Mindanao II Geothermal Mitsubishi 3 AT A GLANCE Key Investment Highlights 1,455 MW 1,169MW Geothermal 150MW Wind 132MW Hydro 4.16MW Solar * 749 Source: Bertani, Ruggero, 2010: Geothermal Power Generation in the World Update Report Note: * Not included is the 442 MW operated by the Indonesian Government through PLN 2 3 Wind Geothermal (EDC Subsidiary) Hydro Geothermal (Integrated) Solar Note: *20 MW Nasuji Power Plant placed on preservation EDC 1,329 1 Geothermal Fuji MW Mahanagdong Geothermal Toshiba 9 CAPACITY (in MW) STEAM PLANT % share 7% of InstalledCapacity 9% of ElectricityProduced Offices Philippines Chile Indonesia Peru
10 EDC GENERATES STRONG AND ROBUST CASHFLOWS AT BOTH PARENT AND SUBSIDIARY LEVELS Revenues (2) as of June 2015 Lopez Group IFC GIC Public E: % V: 50.84% E: 1.69 % V: 1.12 % E: 4.99 % V: 3.33 % E: % V: % 16, % MW Power Plants MW Unified Leyte Power Project MW Mindanao Power Project 49.4 MW Nasulo Power Project 4.16 MW Burgos Solar Project 60% 100% 100% EBITDA (2) as of June ,692 EDC Geothermal Corporation (EGC) (1) First Gen Hydro Power Corporation (FGHPC) EDC Wind Energy Holdings Inc. EDC Hong Kong Limited MW Pantabangan 12.0 MW Masiway Net Income (2) as of June % 100% 100% 95/100% Green Core Geothermal Inc. (GCGI) Bac-Man Geothermal Inc. (BGI) EDC Burgos Wind Power Corp. (EBWPC) International Expansion 4, MW Palinpinon (2) MW Tongonan MW Bac-Man I 20.0 MW Bac-Man II MW Burgos Chile Peru Indonesia As of June 30, 2015 (1) Formerly First Luzon Geothermal Energy Corporation (FLGEC) (2) 20 MW Nasuji Power Plant to be placed in preservation (2) All figures in PHP millions as of June 30, EBWPC s net loss of P35 million is included as part of EDC Parent (3) EDC Parent figures include UL, Mindanao, Burgos Solar and the Company s other subsidiaries 10 Key Investment Highlights
11 POSSESSES STABLE AND PREDICTABLE CASH FLOWS Percentage of Consolidated Revenues (1) USD Linkage Cashflow Geothermal Electricity Power Purchase Agreements National Power Corporation Power Purchase Agreements (PPAs) 35% Electricity 73% Sovereign off-take Cashflow or Dividends Steam Bac-Man Geothermal Cashflow Electricity Cashflow or Dividends Steam Dividends Steam Sales Agreements (SSA) Green Core Geothermal Geothermal Resources Sales Contracts (GRSC) FG Hydro Power Supply Agreements Cashflow Electricity Cashflow Electricity & Ancillary Svcs. Electric Cooperatives/ Third party customers 59% Electricity 0% Commercial off-take Power Supply Agreements (PSAs) Dividends Burgos Wind Cashflow Electricity 6% Electricity 60% Cashflow Solar Electricity Transco Feed-in-Tariff (1) As of June 30, 2015 Subsidiaries of EDC 11 Key Investment Highlights
12 ELECTRICITY CONCESSION LIMITED EXPOSURE TO VOLATILE SPOT MARKET TERM STRUCTURE OF CONTRACTS (1) LONG-TERM CONTRACTUAL AGREEMENTS In PHP Millions Geothermal Renewable Energy Service Contract 2031 Power Purchase Agreements (sovereign) 2022/24 Power Supply Agreements (commercial) year concession agreements start expiring (1) Consolidated revenues as of June 30, 2015 SPOT 1-2 YRS 3-5 YRS 6-10 YRS YRS >21 YRS WESM 12% NGCP - 3% DU - 13% 3% 11% 5% 12% NPC % - - TRANSCO % 88% revenue from long-term contracts 69% revenue from contract tenors of >6 yrs 44% expanded revenue base from non-npc clients 12 Key Investment Highlights
13 SIGNIFICANT PORTFOLIO EXPANSION SINCE PRIVATIZATION EDC TODAY (AS OF 1H 2015) Customer Base 5.9 Bn NPC 7.3 Bn DUs 2.1 Bn WESM 0.5 Bn NGCP 0.9 Bn TransCo Technology 1,169 MW Geothermal 150 MW Wind 132 MW Hydro 4.16 MW Solar Geography Philippines Chile Indonesia Peru ,181 1,331 1,262 1,262 1,262 1,446 1, (69) MW N.Negros MW Mahanagdong, Malitbog & Optimization Cumulative MW MW Pantabangan- Masiway Current MW (CAGR) Revenues 7.2% EBITDA 8.2% RNIA 5.7% MW Mindanao I & II MW Palinpinon & Tongonan MW BacMan I & II MW N. Negros MW Botong Acquired geothermal concessions overseas MW Nasulo MW Bacman MW Nasuji Unit MW MW Burgos Burgos Solar MW Bacman Unit 1 REVENUES EBITDA RNIA 13 Key Investment Highlights
14 GEOTHERMAL ENERGY IS A STRATEGIC ENERGY RESOURCE FOR THE PHILIPPINES 2014 POWER STATISTICS OF THE PHILIPPINES Renewable 26% 11% Geothermal as a % of Installed Capacity 13% Geothermal as a % of Electricity Production Source: DOE Website Conventional 74% Fuel Type Installed Capacity (MW) Coal 5,708 Hydro 3,543 Oil 3,476 Geothermal 1,918 Natural Gas 2,862 New RE 437 Total 17, Key Investment Highlights
15 DELIBERATELY MANAGING FINANCIAL RISKS DEBT MATURITY PROFILE 1 Sculpted to support EDC s growth trajectory LOANS BY STRUCTURE Predominantly fixed debt matches nature of energy projects USD1, yrs Average Loan Life (Years) 5.4% Average Interest Cost LOANS Type Currency Outstanding (MM) Repayment Interest Tenor (Years) Maturity 175MM Club 2 USD Amortizing LIBOR+1.75% MM Club USD 77.0 Amortizing LIBOR+1.80% Reg S Bonds USD Bullet 6.50% PF ECA USD Amortizing LIBOR+0.90% PF USD Com USD 38.0 Amortizing LIBOR+0.90% IFC Loan 1 PHP 2,732.0 Amortizing 6.07% IFC Loan 2 PHP 2,634.0 Amortizing 6.66% PHP FXCN PHP 6,790.0 Amortizing 5.25% PHP Bonds PHP 3,500.0 Bullet 9.33% PHP Bonds PHP 7,000.0 Bullet 4.16%, 4.73% 7.0, , 2023 GCGI Loan PHP 8,500.0 Amortizing 5.25% PF - PHP Com PHP 5,610.0 Amortizing PDST R1 +Margin (1) In USD Millions as of June 30, 2015 (4) Margin: 200 bps + (PDST-F minus RDST-R1). Re-pricing on the 10 th year (2) USD65 MM converted to PHP via Cross Currency Swap (5) Amended interest rate (3) Subject to re-pricing LOANS BY CURRENCY US$ indexed revenues provide natural hedge USD1, Key Investment Highlights
16 DIVIDEND POLICY IS TO DECLARE 30% OF PRIOR YEAR S RNI PHP/share Yield 1.7% 4.4% 3.3% 2.4% 2.7% 2.4% 2.6% 3.1% 1.1% * Based on closing price as of March 6, 2015 Dividend Policy Statement At or about 30% of previous year s Recurring Net Income subject to i) debt service requirements and loan covenants, and ii) the implementation of business plans, operating expenses, budgets, funding for new investments and acquisitions, appropriate reserves and working capital. 16 Key Investment Highlights
17 REVIEW OF 1H 2015 FINANCIAL RESULTS
18 SIGNIFICANT EVENTS THAT TRANSPIRED IN 1H 2015 Burgos Wind Although EDC has started collecting FiT Allowance from Transco, the project remains grid constrained (1H opportunity loss Php0.4Bn). Debt Refinancing Refinanced Php8.5Bn EDC retail bond through GCGI (3.3% lower interest rate). Plant Outage & OPEX Tongonan Unit 2 and Bacman Unit 3 goes on unplanned outage (Php0.8Bn foregone revenue). OPEX related expenses, mainly typhoon proofing and O&M new projects. Burgos Solar Project commissioned last March Review of 1H 2015 Financial Results
19 DESPITE A 10% INCREASE IN REVENUES, EDC STILL FELL SHORT OF TARGET DUE TO BURGOS CURTAILMENT AND UNSCHEDULED OUTAGES IN LGBU AND BGBU In PHP Billions +10.0% Notes: LGBU includes UL strips of energy and WINBU includes Burgos Solar OUT OF A POTENTIAL 18% REVENUE INCREASE, EDC REALIZED ONLY 10% 19 Review of 1H 2015 Financial Results
20 OPERATING EXPENSES INCREASED BY 31% DUE TO HIGHER DEPRECIATION, POWER PLANT O&M AND TYPHOON PROOFING RELATED EXPENSES Operating Expenses, in PhP Mn 1H 15 1H 14 Y/Y Remarks Total EDC 9,575 7,323 31% LGBU 2,705 2,206 23% WINBU ,929% Increase in civil works (Typhoon Yolanda and Seniang rehab costs), power plant O&M and maintenance and repair of pumps and pipelines Increase in depreciation of PPE, real property tax and power plant O&M, ULGEI Cost of energy strips with NPC NIGBU % BGBU % Others 2,676 2,118 26% Increase in Nasulo s depreciation of PPE and O&M and higher civil works Increase in power plant O&M, depreciation of PPE and Typhoon Glenda rehab costs Increase in Mindanao s depreciation of PPE; increase in personnel costs; interest settlement to DOE on prior year s govt share amortization payment GOING FORWARD, WE EXPECT THE TREND TO CONTINUE FOR 2015 AND THE KEY BENEFITS TO MANIFEST ONLY STARTING Review of 1H 2015 Financial Results
21 AS A RESULT OF INCREASED OPEX AND THE END OF FG HYDRO INCOME TAX HOLIDAY, RNI DECREASED BY 13% In PHP Billions -13.0% * Others mainly pertained to the unallocated interest expense of the Php7 B bonds issued by EDC for Burgos Wind Project which, last year, was capitalized until Nov. 11, Review of 1H 2015 Financial Results
22 CURRENT RATIO IMPROVED WHILE THE LEVERAGE RATIOS REMAINED AT MANAGEABLE LEVELS Increased because of lower current liabilities resulting from Php8.5B Peso Bonds maturing last June 4, Increased mainly due to higher debt with EBWPC s project financing availed in October Increased mainly due to higher net debt due to EBWPC s project financing partly reduced by higher annualized EBITDA. *Trailing 12 months 22 Review of 1H 2015 Financial Results
23 COMPANY UPDATES
24 Benefits Costs TONGONAN S RETROFIT TO IMPROVE RELIABILITY, OUTPUT AND EFFICIENCY COMMENCED JANUARY 2014 WITH INSTALLATION TO START 2H MW TONGONAN 32 YEARS OLD RETROFIT Php968Mn UPRATE Php789Mn RELIABILITY Php2,581Mn Turbine repair (U1) TONGONAN REHAB PHASE II: Php4.3Bn MHPS Turbine Retrofit* MELCO Generator Rehabilitation* (P 593M) Transformer, Busbar, Cooling Tower (P 196M) Balance-of-Plant Reliability Enhancements (P 2,323M) CSI Tongonan* (P 258M) *Projects with Notice to Proceed Turbine retrofit (x3) Gen. rehab (x3) CSI project Turbine retrofit (x3) Gen. rehab (x3) CSI project Minor PMS (x1) 70.6 % 74.4 % 75.8% CAPACITY FACTOR AVAILABILITY RELIABILITY 2015 Php435Mn 2016 Php2,852Mn 2017 Php1,031Mn 2018 Php20Mn 1% FORCED OUTAGE RATE EQUIPMENT ROADMAP OBJECTIVE 2.8 Years Payback Period (est.) CAPACITY FORCED OUTAGE RATES (MW) YTD % Δ REVENUES (EST.) 3 x % Php 46.8 Mn Php 1,085.8 Mn 3 x 3.5* Mn *incremental capacity from improved engineering design 24 Company Updates
25 EDC S GROWTH AGENDA 2015 STATUS 2015 STATUS 305 MW Palinpinon- Tongonan acquired in MW Bacman acquired in 2010 Bid for Unified Leyte IPPA in 2014 Bid for Mindanao 1 & 2 IPPA in 2014 ACQUIRE 1 2 Win key government geothermal privatization projects DEVELOP Install 137MW of local geothermal capacity to address new demand MW Nasulo commissioned in Sept MW NNGP Plant development is on-going 137 MW for commissioning by MW Burgos Wind commissioned in 4Q MW Burgos Solar commissioned in 1Q 15 Wind measurement studies is on-going in 9 other concessions DIVERSIFY 3 4 Build 200MW of wind capacity, while expanding RE portfolio CONQUER Establish viable operations in Asia, Latin America, and Africa Granted 5 concessions & 19 pending applications in Chile & Peru Established local offices in LatAm and Indonesia Drill wells in Mariposa, Chile by 2015 Continue to prospect prime geo sites 25 Company Updates
26 BACMAN 3 IS EDC S FIRST GEOTHERMAL GREENFIELD POST-PRIVATIZATION; ADDITIONAL 31MW READY BY 4Q 2017 TW3D Drilling Completed (Aug) TW4D Drilling Completed (Feb) Dual Porosity Model Completed (Dec) Final PP Capacity Agreed (Mar) NTP (4Q) COD (4Q) Company Updates
27 Collection Payment BURGOS WIND ALREADY STARTED RECEIVING FIT Php0.913Bn 1H 2015 Revenues inclusive of FIT All RE Developer 8.53/kWh FIT (Rate)?.??/kWh Market Clearing Price FIT All Fund (GFI) /kWh FIT All WESM Administered by CUSTOMERS APRIL 13, 2015 ERC COC NO M-00005L ENTITLES 150MW BURGOS WIND POWER PROJECT PHASE I & II TO FIT RATE OF PHP8.53/kWh FROM 11-NOV-2014 to 10-NOV Company Updates
28 THE CURTAILMENT IS EXPECTED TO BE RESOLVED ONCE THE LAOAG-SAN ESTEBAN LINE GETS COMPLETED IN 4Q 2015 Status of Construction (as of 11 August 2015) Foundations Erection Stringing Not Started 0 0.0% % % Ongoing 9 2.9% % % Done % % % TOTAL % % % DEVELOPMENTS ON-GOING Progress on NGCP s testing and commissioning at the End Point substations is encouraging 2 x 30 MVA Transformers, Control and Protection System at Laoag Substation already commissioned and ready to be energized NGCP s Systems Operations, Telecommunication and Protection, etc. already mobilizing teams to complete functional tests and pre-energization activities 28 Company Updates
29 EDC IS INITIALLY TARGETING MW IN LATAM OVER THE NEXT 10 YEARS MARKET SITUATION COMPETITIVE LANDSCAPE Mexico: 2,500 MW Online: 950 MW COMPANY CAPACITY FOOTPRINT EXPANSION INTEREST ACTIVE EDC 1,169 MW Chile, Peru Nicaragua, Mexico YES Costa Rica: El Salvador: Guatemala: Nicaragua: 200 MW 150 MW 200 MW 300 MW Online: 475 MW Peru: 3,000 MW Chile: 1,400 MW Online: 0 MW *Sources: Gov t figures, Consejo Geotérmico, EDC Geothermal Potential* Priority and strong geothermal focus for Chile and Peru Opportunistic M&A and greenfield development for other countries Opportunistic approach for other RE technologies Active search for multi-lateral programs to help mitigate risks and bridge financing requirements CFE 958 MW Mexico Domestic YES Enel 915 MW Chile, Peru Mexico YES Ormat 749 MW Guatemala, Honduras, Chile Mexico, etc. YES La Geo 199 MW El Salvador Chile, Peru YES MRP 467 MW Chile Pulling out NO EDC AND ENEL ARE THE ONLY ACTIVE PLAYERS IN THE REGION; WE SEE CFE, ORMAT AND LA GEO AS POTENTIAL PARTNERS EDC HAS A CLEAR AND FOCUSED STRATEGIC APPROACH TO ACHIEVE TARGETS 29 Company Updates
30 KEY EARLY STAGE PROSPECTS IN CHILE AND PERU HOLD GEOTHERMAL POTENTIAL OF > 800MW Prospect Temp (deg C) Resource Probability Area (km 2 ) MWe Achumani Project P (Peru) P P Quello Apacheta Project P (Peru) P P Tutupaca Project (Peru)* *Under EDC application Mariposa Project (Chile) P P P P P P Company Granted Sites* Applications (Entry into LatAm) Peru Chile Peru Chile JV with Alterra Power Corp Acquisition of Hot Rock Ltd EDC Applied/Bid Sites TOTAL * Peru: Achumani and Quello Apacheta (from HRL acquisition) and Pinchollo Libre (From Alterra JVA) Chile: Laguna del Maule and Pellado (both comprise the Mariposa project from Alterra JVA) Peru Pellado (16,000has) Achumani (10,800has) Pinchollo Libre (10,800has) Laguna del Maule (4,000has) Quello Apacheta (12,600has) PLANNED DRILLING PROGRAMS ARE TO TEST AND PROVE RESOURCE ESTIMATES 30 Company Updates
31 ... PRE-DRILLING WORKS IN MARIPOSA (CHILE) ARE ALMOST COMPLETE, AND DRILLING IS TARGETED AT THE START OF SUMMER IN OCTOBER 2015 COMPLETED WORKS PLC PLE PLA MUB Roads for MUB, PLA & PLE Platforms MUB, PLA, PLE Legend: 30 sq. Km. EDC MT 26 km road network Alterra Slim Holes Expanded Base Camp 6 km new road Well pads Mariposa Lake El Zorro Lake Water Reservoir Water Supply Lines Surface Casing (3 pads) TARGET COMMERCIAL OPERATIONS DATE (COD) FOR THE FIRST 50 MW IS 2019, AND FOR NEXT 50 MW BY Company Updates
32 EDC IS WELL-POSITIONED TO REPLICATE ITS PHILIPPINE GEOTHERMAL SUCCESS IN LATIN AMERICA Clear and focused strategy for growth Attractive portfolio of early-stage geothermal assets Increasing support from multi-lateral agencies to promote, finance and riskmitigate geothermal development in the region Pioneer EDC project set for drilling in October 2015, other EDC projects to follow same template Strong team with extensive experience in geothermal development, community and regulatory engagement, M&A and financing 32 Company Updates
33 KEY TAKEAWAYS
34 KEY TAKEAWAYS EDC s 1H 2015 results fall short of target due to Burgos curtailment and unscheduled Leyte and Bacman Plant outages Guidance remains for a 4Q 2015 completion, even as ongoing developments for the Laoag-San Esteban TL Project is encouraging. Started in January 2014, the Tongonan retrofit project is expected to improve plant s overall reliability, output and efficiency. EDC s portfolio of clean energy power generating assets is the largest in the Philippines today, making EDC the largest integrated geothermal company globally EDC s predominantly contract based revenues provides stable and predictable cash flows 88% of revenues are derived from long term contract agreements 65% of revenues are derived from contract tenors greater than 6 years EDC s growth story leverages off a combined strategy of technology and global diversification, even as geothermal energy remains to be the company s core business ~137 MW of geothermal energy projects for commissioning by 2018 Burgos Wind is country s largest and EDC is intent in developing additional wind energy projects EDC has embarked on pioneering efforts for other RE technologies, as in solar energy EDC is initially targeting MW in Latin America over the next 10 years 34 Key Takeaways
35 END OF PRESENTATION
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