Australia and the Philippines see developments on the business and finance side of geothermal.
*Australia: Jacobs Engineering Acquires SKM
*Philippines: Financing Secured for Oriental Mindoro Geothermal Plant
At year’s end, Jacobs Engineering Group based in California completed its merger transaction with Sinclair Knight Merz of Australia. Jacobs purchased SKM for approximately US $1.2 billion (AUS$1.3 billion) in cash.
In the Philippines, a 44-MW geothermal facility is being planned for Naujan, Oriental Mindoro. A Philippine-Dutch consortium including Constellation Energy Corp, Emerging Power Resource Holdings, and IF Technology has secured financing from the Netherlands Development Finance for the $170 million project. The plant is expected to be operational by 2016 and to supply electricity to Oriental Mindoro at a rate of P5.64 per kilowatt hour.