Malitbog Geothermal Power

Concluded

Geothermal power plant at Malitbog on the island of Leyte is a 231-MW project built in two phases. Phase 1 of 77-MW is in operation. Phase 2 of 154- MW was expected to be operational in 1997. A take-or-pay PPA contract has been signed with Philippines National Oil Co.-Energy Development Corp. (PPOC-EDC). The contract is a 10-year BOT contract sponsored by Credit Suisse and OPIC. OPIC provided political risk insurance for debt and CalEnergy, the wholly owner, provided an equity investment of $70 million. Two transmission lines were to be constructed by the Philippine government in 1997: one 200-MW line and one 400-MW line to Luzon. Turnkey facility constructed by Sumitomo Corp. In its fiscal year 1995, MIGA issued $30 million in coverage to Magma Power Company of the United States for its investment in the construction and operation of a 231 MW geothermal conversion facility on the island of Leyte, southeast of Manila. The facility is part of a 440 MW geothermal energy field that will expand Leyte’s generating capacity to 640 MW. In October 2007, Calenergy turnover the Malitbog Geothermal Power to PNOC-EDC which at that time was 60% owned by the government. The plant was turnover after the BOT contract expired. None None