Mindanao 1 & 2

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The project will be constructed in two stages of 47.5 MW each. The second stage was awarded to the same consortium (Oxbow 50%, Marubeni 50%) that won the bidding for the initial stage. Transmission lines were to be installed by Napocor. The sponsors signed a PPA with Philippines National Oil Cp.- Energy Development Corporation (PNOC-EDC). Financing for the first stage of the project (Mindanao 1) is provided by a $48.7 million non-recourse loan and by a $90 million Eurobond flotation with a 7.25% interest rate and a 5 year maturity period. The project was originally a 50:50 joint venture between Oxbow and Marubeni, but as of Dec. 31, 2008, Marubeni was the 100% sponsor. Equity totaled $15.5 million and the total project cost was $67 million. The $48.7 million debt portion of the financing was raised by a Philippine Bank syndicate. Citibank Manila was the lead arranger in the first instance of a greenfield Philippine power project financed entirely by local banks. The first stage of the project (Mindanao 1) entered service on March 4, 1997. The second stage of the project, Mindanao 2, reached financial closure in April 1997, and entered service on June 17, 1999. It was also a 48 MW plant and was built by the same consortium under a 10-year BOT contract. In October 2006, EDC and Mindanao 1 Geothermal Partnership (M1GP), a consortium between Oxbow Power Corp. and Marubeni Corp. agreed to extend Mindanao 1 power plant's BOT contract period to coincide with Mindanao 2 power plant's turnover. In June 2009, Energy Development Corp. (EDC) earned full ownership and operation of Mindanao 1 and Mindanao 2 geothermal power plants from a Marubeni following the completion of an Energy Conversion Agreement. EDC, formerly known as the Philippine National Oil Company-Energy Development Corporation (PNOC-EDC) was fully privatized in 2008. Change the sponsor to First Gen Holdings (100%), when it's added to the list.