Pioneering Geothermal Power Project in the Philippines

As financial advisor to Ormat, Delphos built on a USTDA feasibility study to arrange two U.S. Ex-Im Bank “Mixed-Credit Facilities” (a tied-aid structure consisting of 65% loan and 35% USAID grant) for two utility-owned geothermal projects in the Philippines (Mak Ban and Bacon Manito). On a parallel track, Delphos arranged an Ex-Im Bank project financing for a 125 MW geothermal IPP project located in the Leyte Geothermal Field (Upper Mahiao) in 1995. In 1997, Delphos arranged a second Ex-Im project finance facility for the follow-on optimization project at the Leyte. MIGA insured Ormat’s equity investment against political risks. The Leyte projects were among Ex-Im Bank’s first limited recourse project financings.



  • Renewables & Power

Client Name


Services Provided

  • Capital Raising


  • Asia


  • Philippines