Thursday, January 4, 2018

Philippines: World Bank Could Help Leyte Geothermal Power Plants Recover from Earthquake

IFC may extend $90m debt to Philippines’ Energy Development Corp (Deal Street Asia)

Cracks caused by the magnitude 6.5 earthquake in July 2017 are visible in Barangay Tongonan, Ormoc City in Leyte. In the background is steam coming from the geothermal power plants run by Energy Development Corp. Photo courtesy of Cathy Ig-agao Pabganiban
The International Finance Corporation (IFC), the private lending arm of  the World Bank, is considering extending a loan of $90 million to Energy Development Corporation (EDC), an integrated geothermal steam and electric power producer in the Philippines.

The loan would help with capital expenditures including the balance of work related to the recovery of service of the geothermal power plants in Leyte that were affected by the July 2017 earthquake, according to IFC’s disclosure.

Some of the proceeds will go towards supporting the company’s capital requirement and other corporate purposes for existing geothermal operations in 2018.

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