Contact Information: For further information, contact: Gudmundur F. Sigurjonsson President & CEO Envent Holding Philippines Phone +354 8494960 e-mail:
Envent Announces the Signing of an Initial PPA Worth USD 47 Million
First Deal Commits 10 Percent of Capacity
| Source: Envent
MANILA, PHILIPPINES--(Marketwire - June 10, 2009) - Envent, a major geothermal developer in
the Philippines, today announced the signing of a Power Purchase Agreement
(PPA) with the Biliran Electric Cooperative (BILECO) for about 8,600 MWh
per year of clean, renewable electricity at a levelized price of $94 per
MWh. The total value over the 10-year term is about USD 47 million. The
baseload electricity will come from Envent's 50 MW Biliran Unit 1
geothermal power plant, which is scheduled to come online in 2012 on the
Biliran Island in the Philippines.
The agreement is the first in a line of PPAs to be executed with several
electric cooperatives in the Leyte region. This agreement commits about 10
percent of capability of the Unit 1 geothermal power plant. The remaining
capacity is 45 MW. Envent expects to enter into additional PPAs for a total
value of USD 515 million in the coming months.
Envent's Biliran Unit 1 project is located on the island of Biliran in the
Eastern Visayas region of the Philippines. Biliran, which has a good
connection to the national power grid, lies just a few kilometers north of
the island of Leyte. The upstream part of Envent's Biliran Unit 1 project
is being executed in collaboration with Biliran Geothermal Incorporated and
several other local companies.
Envent is a renewable energy business dedicated to the exploration of
geothermal resources in the Philippines as well as to the development of
geothermal power plants in the region. Envent's majority owner is Geysir
Green Energy; Reykjavik Energy Invest is a co-shareholder. Both companies
are based in Iceland.
Comments:
Mr. Gudmundur F. Sigurjonsson, Chief Executive Officer, Envent:
"The execution of this PPA reflects the good spirit of cooperation between
Envent and the local electric cooperatives in the Leyte area. This is a
significant milestone in the development of our Biliran Unit 1 project and
an important steppingstone as the corporation moves forward with its plans.
Parallel to working on completing more PPAs we will be working on the
financial structure of the project, which we expect will take between 6 and
12 months."
About Envent
Envent (http://www.envent-power.com) is a renewable energy business
dedicated to the exploration of geothermal resources in the Philippines as
well as to the development of geothermal power plants in the region. Envent
is currently working on several geothermal projects and is committed to
contributing to the Philippine government's target of adding 1,200 MW of
renewable power capacity by 2013. Envent's key shareholder is Geysir Green
Energy, a global leader in the development of geothermal energy. Geysir's
co-shareholder is Reykjavik Energy Invest. Both companies are based in
Iceland, where an impressive 100 percent of the power capacity is derived
from renewable sources (23 percent geothermal and 77 percent hydro).
About Geysir Green Energy
Geysir Green Energy (http://www.geysirgreenenergy.com), the global
geothermal company, is a leading developer and investor in the geothermal
renewable energy industry. Since its founding in January 2007, Geysir has
invested around USD 650 million in geothermal businesses and projects
around the world. Building on the extensive experience from the Icelandic
geothermal arena, Geysir has received significant attention within the
industry and is being recognized as a serious and dynamic player in the
field.
About Reykjavik Energy Invest
Reykjavik Energy Invest (REI, http://www.rei.is) is Reykjavik Energy's
(Orkuveita Reykjavikur, www.or.is) international business development and
investment arm. Reykjavik Energy is a geothermal power generation business
providing the Iceland capital region with power and multi-utility services.