PNOC-EDC Loan

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PNOC-EDC is an integrated geothermal steam and electric power producer with its core activities being the exploration, development, and production of geothermal energy. The company has five existing geothermal production fields: Bacon-Manito Geothermal Production Field (150MW), Leyte Geothermal Production Field (701MW), Southern Negros Geothermal Production Field (192.5MW), Mindanao Geothermal Production Field (106MW), Northern Negros Geothermal Production Field (49.4MW), totaling 1,199 MW, which is over 60% of the country’s total installed geothermal capacity of 1,905MW. The company is an existing IFC client and is seeking financing to support their medium term capital expenditure program. The proposed IFC investment will be a $100 million A loan and potentially a $100 million B loan. The proceeds of the loans will be used to partially finance the company’s medium term capital expenditure program.