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Projects

Project Brief

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.

 

Project name
California Energy Corporation, Inc./Visayas Geothermal Power Company
Project ID
3102
Fiscal year
1995
Status
Not Active
Guarantee holder
Magma Power Company
Investor country
United States
Host country
Philippines
Sector
Power
Gross exposure
 $30.0 million
Project type
Non-SIP

Magma Power Company of the United States received $30 million in MIGA coverage for its investment in the construction and operation of a 231 megawatt (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

Magma will provide substantial technical and managerial expertise to the project. Employees will benefit from an extensive training program designed to develop the specific skills and techniques required to build and operate the plant. The project will operate a health clinic and recreational facilities, and offer housing for employees and their families. In addition, it will establish a reliable, environmentally superior power supply for the Luzon region, which includes Metro Manila, the country's most populated and largest industrial center. MIGA insurance covers Magma against the risks of currency transfer, expropriation, and war and civil disturbance.

 
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