Biliran Geothermal Incorporated, a developer of geothermal power projects, Orka Energy Holding ehf, a power generation company, announced project financing of $180m for the construction and development of Biliran geothermal power project in Philippines. The financing will be provided by Bank of Singapore Ltd. The total installed capacity of the project will be 49 MW. The construction of the project is expected to be commenced in April 2013.
The transaction is subjected to completion of necessary requirements needed to start the project. The companies are securing required documents include, Barangay resolutions coming from Barangays Cabibihan and Villavicenta in Caibiran town and from Barangay Libtong in Naval town, including SB resolutions from the two municipalities approving the exploration drilling of the geothermal project’s three exploration hole for the development of the project.
The companies are also seeking Environmental Clearance Certificate (ECC) from the regional office of the Department of the Environment and Natural Resources in Region 8.