Securities and Exchange Commission
Washington, DC 20549
Form 8-K
Current Report
Pursuant to Section 13 to 15(d) of the
Securities Exchange Act 1934
Date of Report April 11, 1994
(Date of earliest event reported)
California Energy Company, Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-9874 94-2213782
(State of other (Commission File (IRS Employer
jurisdiction of Number) Identification No)
incorporation)
10831 Old Mill Road Omaha, Nebraska 68154
(Address of principal executive offices) Zip Code
Registrant's Telephone Number, including area code: (402) 330-8900
N/A
(Former name or former address, if changed since last report)
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ITEM 5. Other Events
On April 11, 1994 the Registrant announced the close of
financing for the 120 MW Upper Mahiao geothermal power project
located in the Philippines. The Export-Import Bank of the U.S.
(Ex-Im Bank) is the project term lender, with the Overseas
Private Investment Corporation ( OPIC) providing political risk
insurance on the equity investment by the Registrant. The Upper
Mahiao project is scheduled to begin construction shortly, and is
expected to be in service by July of 1996. The project is
structured as a ten year Build-Own-Transfer (BOT), in which CE
Cebu, the project company, will be responsible for building the
power plant and providing the operations and maintenance during
the ten year BOT period. The electricity generated by the Upper
Mahiao geothermal power plant will be provided to the Philippine
National Oil Company (PNOC), which is also responsible for
supplying the facility with the geothermal steam. After a ten
year cooperation period, the plant is transferred to PNOC. Ormat
Inc. of Sparks, Nevada is the turnkey contractor for the project.
The total project cost for the facility is approximately
$218,000,000. The Registrant will supply $56,000,000 of equity
which will be insured by OPIC, with the Ex-Im Bank providing
approximately $162,000,000 of the permanent financing and
political risk insurance during the construction phase. The Ex-
Im Bank funding is a ten year project finance loan which will be
repaid from the cash flows of the project. A copy of the press
release issued by the Registrant is set forth as Exhibit 1 hereto
and is incorporated herein by reference.
ITEM 7. Financial Statements and Exhibits
Exhibit 1 - Press Release dated April 11, 1994.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
California Energy Company, Inc.
By: /s/Steven A. McArthur
Steven A. McArthur
Senior Vice President
Dated: April 18, 1994
David L. Sokol, President and Chief Executive Officer (402) 330-8900
David W. Cox, Vice President (402) 330-8900
CALIFORNIA ENERGY CLOSES FINANCING OF THE
120 MW UPPER MAHIAO PHILIPPINE PROJECT
OMAHA, NEBRASKA, April 11, 1994 -- California Energy Company,
Inc. (NYSE, PSE and LSE symbol: CE) announced today the close of
financing for the 120 MW Upper Mahiao geothermal power project
located in the Philippines. The Export-Import Bank of the U.S.
(Ex-Im Bank) is the project term lender, with the Overseas Private
Investment Corporation (OPIC), providing political risk insurance
on the equity investment by CE. The Upper Mahiao project is
scheduled to begin construction shortly, and is expected to be in
service by July of 1996.
The project is structured as a ten-year Build-Own-Operate-Transfer
(BOT), in which CE Cebu, the project company, will be responsible
for building the power plant and providing the operations and
maintenance during the ten-year BOT period. The electricity
generated by the Upper Mahiao geothermal power plant will be
provided to the Philippine National Oil Company (PNOC), which is
also responsible for supplying the facility with the geothermal
steam. After a ten-year cooperation period, the plant is
transferred to PNOC. Ormat Inc. of Sparks, Nevada, is the turnkey
contractor for the project, which will be the third geothermal
project Ormat has constructed in the Philippines.
The total project cost for the facility is approximately
$218,000,000. CE will supply $56,000,000 of equity which will be
insured by OPIC, with the Ex-Im Bank providing approximately
$162,000,000 of the permanent financing, and political risk
insurance during the construction phase. The Ex-Im Bank funding is
a ten year project finance loan which will be repaid from the cash
flows of the project.
David Sokol, Chief Executive Officer of CE stated, "This is clearly
a win-win project for everyone involved. The Philippines receives
an environmentally clean, renewable and indigenous electricity
supply with which to sustain their economic growth; a large portion
of the equipment will be produced in the United States, creating
jobs; and for CE, it sets the groundwork and foundation for our
other international projects." Sokol added, " We are pleased with
this financing and the support we have received from Ex-Im Bank in
the implementation of the Upper Mahiao project. We believe this is
a good example of how the public and private sector can work
together to support American exports."
California Energy Company is an international developer, owner and
operator of geothermal and other environmentally responsible power
generation facilities.
