Maibarara Batangas Geothermal Plant

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Maibarara Geothermal Inc. (MGI) was created to build own and operate geothermal projects in the Philippines. The Batangas project was a 20 MW facility to be located in Sto Thomas, Batangas. The project developer was a joint venture between PetroGreen Energy Corp. (65%), the wholly-owned subsidiary of PetroEnergy Resources Corp., Trans-Asia Oil (25%), and the state-owned PNOC Renewables Corp. (10%). in September 2011, MGI signed the EPC contract with Philippine construction firm EEI Corporation, and O&M was contracted to Fuji Electric. The project was slated to sell power to the Trans-Asia Oil & energy Development Company under a 20 year Power Purchase Agreement. Further details on the contract were not publicly available. The project company annnounced in April 2012 it would invest a further $10 million to drill two additional wells. In February 2012, commissioning was expected for October 2013. The 115kV transmission line (6km) to connect the plant to the grid was designed/supplied/build by Meralco Industrial Services Corporation (Miescor) in December 2012, the line was expected to be commissioned in May 2013. The project also held an EPC contrac twith Yokogawa Philippines for the design, supply, delivery, installation, testing and commissioning of the instrumentation and control systems of the plant, which was expected to be completed in June 2013. The project was erected under the 2008 Renewable Energy Law, from November 2011. MGI signed on Sept. 26, 2011 a Php 2.40 billion (USD 55 million) project loan facility with lenders Rizal Commercial Banking Corp. (RCBC) and Bank of the Philippine Islands (BPI). The loan was for Php 2.40 Billion and payable in 10 years. RCBC Capital was the loan issue manager and lead arranger, with BPI Capital as joint lead arranger, and RCBC Trust as loan facility agent, security trustee, and accounts trustee. No information about the additional $10 million investment in 2012 was available. http://maibarara.com.ph/news/php-2-40-billion-project-loan-facility-for-maibarara-geothermal-inc/ http://cdm.unfccc.int/filestorage/I/O/G/IOG34EW7QPKRVZC0D9XTSF6NM2YA58/Philippines_Maibarara%20Geothermal%20Power%20Project%20PDD.pdf?t=ZEp8bTBoY2Y1fDBsQuc_I_bYbAQ_6ff7BJ2w http://thinkgeoenergy.com/archives/8789 Source: ADPREN: Maibarara to drill 2 further wells at 20MW geothermal project (30 April 2012).