25389 - PNOC-EDC

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Summary of Proposed Investment

Project Number

25389

Company Name

ENERGY DEVELOPMENT CORPORATION

Date SPI Disclosed

Oct 30, 2006

Country

Philippines

Industry

Infrastructure

Projected Board Date

Nov 16, 2006

Status

Completed

Sector

Geothernal - Renewable Energy Generation

Department

Gbl Infrastructure & Natural Resources

Environmental Category

B - Limited

Previous Events

Approved : Nov 21, 2006
Signed : Dec 4, 2006
Invested : Dec 12, 2006

Project Description

Note: The schedule for the Board meeting is driven by the financing timeline. To comply with the IFC disclosure requirements the decision of the Board meeting of November 16 will become effective upon the expiration of the required 30-day disclosure period for a Category B project.

PNOC-Energy Development Corporation (PNOC-EDC or the company) is an integrated geothermal steam and electric power producer with its core activities being the exploration, development, and production of geothermal energy. The company presently engages private-sector electric power generators to operate geothermal power plants on a build-operate-and transfer (BOT) basis for a specified 10-year concession period. IFC is planning to provide financial support to the company to assist them in their medium term capital expenditure program.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	50.0

Development Impact

The project is expected to have a strong development impact by increasing the availability of additional resources to the company for its medium term capital expenditure program. These additional resources will be used to develop new energy projects that will help the country reduce its dependence on imported fossil fuels and accelerate a change in its energy mix towards more sustainable non-fossil fuels. The project is also expected to improve the efficiency and competitiveness of the geothermal energy sector of the Philippines. Furthermore, IFC’s role includes helping to improve the sustainability of the company and its projects by improving corporate governance, and social and environmental risk management.

This is a category B project. Environmental and social review of this project consisted of review of various documents prepared or submitted by PNOC EDC, interviews with PNOC EDC staff and site visits to selected existing geothermal production fields. The following environmental and social issues were analyzed:

- corporate environmental and social management system;
- environmental performance of the existing geothermal production fields;
- social performance of the existing geothermal production fields; and
- opportunities for enhanced social and environmental performance.

IFC''s review has concluded that the company''s environmental and social management system is functioning well to manage existing operations and future development projects in an environmentally and socially sound way and their current performance levels are in general consistent with the requirements of the IFC''s Performance Standards on Social and Environmental Sustainability.

Contacts

For Inquiries About the Project, Contact

Mr. Paul A. Aquino, President/CEO
PNOC-Energy Development Corporation
4th Floor, Bldg. 5 Energy Center
Merritt road, Fort Bonifacio
Taguig, Metro Manila, Philippines
Website: http://www.energy.com.ph

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This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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