26529 - PNOC-EDC Loan

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Proposed Investment

Project Number

26529

Company Name

ENERGY DEVELOPMENT CORPORATION

Date SPI Disclosed

Jun 3, 2008

Country

Philippines

Industry

Infrastructure

Projected Board Date

Jul 3, 2008

Status

Completed

Sector

Geothernal - Renewable Energy Generation

Department

Gbl Infrastructure & Natural Resources

Environmental Category

B - Limited

Previous Events

Approved : Jul 3, 2008
Signed : Nov 25, 2008
Invested : Jan 5, 2009

Project Description

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 is an existing IFC client and is seeking financing to support their medium term capital expenditure program.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	100.0
Equity

Development Impact

PNOC-EDC is the largest company currently exploiting geothermal sources of energy in the Philippines, thus our support of this newly privatized company will provide critical additional resources of an appropriate tenor to help develop projects in the geothermal energy sector and thereby, help the country move toward greater reliance on private sources of growth in the infrastructure sector. Availability of additional resources for expansion and other investments in the industry will contribute towards the country’s effort to accelerate a change in its energy mix towards renewable energy.

IFC’s role in this investment will be to work with the company by providing fixed rate, long term local currency financing needed to help the company continue its transition to being a leading global large-scale clean renewable energy producer. Also, IFC will continue to work with the PNOC-EDC on further improving its corporate governance as well as environmental and social risk management practices. Furthermore, IFC has experience in evaluating and financing geothermal, hydro and wind power projects, and New and Renewable Energy (NRE) projects, which the company could draw upon, especially as it expands its operations in other developing countries.

This is a category B project. Considering the corporate investment nature of the project to support the medium term capital expenditure program without any specified proceeds of the loan and the fact that this would be a second investment in the company made in 2006, IFC’s review focused on the updated information about the environmental and social assessment and management systems of the company. 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

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

Local Access of Project Documentation

When Environmental Impact Assessment Reports or Initial Environmental Examination Reports are prepared for any new development projects, the reports are disclosed locally, at each relevant community of the project affected areas.

Various environmental and social information about the company’s performance is also disclosed at PNOC EDC’s website: http://www.energy.com.ph/.

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.

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Development Impact

Similar Projects

Contacts

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

Board Approved IFC Investment

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Expected Development Contribution

Environmental and Social Issues - Category

Press-Release

Related ESRS/ERS

Similar Projects

Contacts

Disclaimer