Mahiao Geothermal Power Plant

concluded

This 119-MW project was located in Upper Mahiao on the island of Leyte. The project was a 10-year BOT. 100% of equity financing ($55 million) was provided by project sponsor CalEnergy. Debt financing ($218 million) was provided by US Exim and United Coconut Planters Bank. The project required the government to build a transmission line from Leyte to neighboring islands; delays in building the line led to delays in transmission of electricity generated by the plant. Steam for the project was provided by Philippine National Oil Co.-Energy Development Corp. (PNOC-EDC). PNOC-EDC was also under a take-or-pay PPA contract for electricity generated by the plant, which it agreed to buy and then sell to Napocor via underwater transmission lines. The plant became operational in 1996. Transmission lines to be built as components of the project included the Leyte-Cebu line, with a 200-MW capacity, and the Leyte-Luzon line, with a 400-MW capacity. The undersea cables for the transmission line were partially funded by the World Bank. Ormat Inc. was the turnkey contractor for the project. Bank of America served as a financial advisor. The project was concluded as scheduled in April 2006, with the handover of the plant to the (PNOC-EDC). 1993 IBRD loan info - http://www.os.is/gogn/unu-gtp-sc/UNU-GTP-SC-02-16.pdf