Friday, March 23, 2018

Philippines: World Bank Helps Leyte Geothermal Power Plants Recover from Earthquake

Energy Dev’t Corp. gets $90-million loan from IFC (GMA News)

Photo courtesy of
Cathy Ig-agao Pabganiban
Energy Development Corp. (EDC) has secured a $90-million loan financing deal with World Bank Group’s private sector arm International Finance Corp. (IFC) to partly fund its capital requirements for the return of services of its Leyte geothermal power plants hit by an earthquake in July 2017.

“The proceeds of the loan will fund a portion of the 2018 capital requirements and other general corporate purposes of EDC’s existing geothermal operations,” the company said.

EDC noted its capital requirements include the balance of work related to the return of service of the geothermal power plants in Leyte that were affected by the July 2017 earthquake.

The loan will also finance the company’s other project initiatives “aimed at increasing the reliability, efficiency and throughput of EDC’s existing geothermal facilities as well as reducing outages and health, safety and environment risks.”

From the Global Geothermal News archives: