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Financing secured for Philippines project

IMPSA of Argentina, in partnership with Edison Mission Energy (EME), has obtained financing for a US$460M project in Laguna province in the Philippines.

IMPSA and EME are equal partners in CBK Power Company which will rehabilitate, build and operate three hydroelectric power plants, including a large pumped storage facility.

The agreements, reached with four major international financial institutions — Societe Generale, Banque Nationale de Paris, Dai-Ichi Kangyo Bank and the Industrial Bank of Japan — was signed in Manila on 18 August 2000. Financing consists of long term loans totalling US$340M and equity contributions from IMPSA and EME worth US$120M. The loans will be insured under a private risk insurance programme.

The combined generating capacity of the Caliraya-Botocan-Kalayaan hydro plants will be 728MW after rehabilitation and installation of extra capacity.

Two new turbines at Kalayaan will be installed alongside the pumped storage units at Kalayaan l.

The project will provide power to the Philippines National Power Corp (NPC) and will have strategic and operational importance as Kalayaan l is the only pumped storage facility in the country.

In addition to signing the loan agreements, CBK announced the completion of the rehabilitation and upgrading of unit 2 at Kalayaan l.

NPC had requested that CBK undertake the work in advance because of severe deterioration in the unit’s transformer, which posed a serious threat to NPC’s system integrity.