Energy Development Corp. (EDC)—the renewable energy unit of tycoon Federico Lopez and his family’s First Gen Corp.—is deepening its investments in geothermal energy with plans to invest 25 billion pesos ($407 million) to upgrade one of its oldest power plants in the central Philippine island of Negros.

The proposed investment will optimize EDC’s 43-year old Southern Negros Geothermal Project (SNGP) while minimizing its environmental footprint, First Gen said in a statement. SNGP was commissioned in 1983........

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