A US$460M financial package for the planned rehabili- tation and expansion of the Caliyara-Botocan-Kalayan (CBK) hydroelectric power plant in the Philippines has finally been agreed between CBK Power Company and four financial institutions.

The financiers include the following organisations: •Societe Generale.

•Banque Nationale de Paris.

•Dai-Ichi Kangyo Bank.

•Industrial Bank of Japan.

The agreed loan package will consist of a long term loan of US$340M from the four banks, and another US$120M from equity contributed by Impsa of Argentina and US company Edison Mission Energy. Both companies have a 50% share in the CBK project.

The financial package will fund the expansion of the hydro plant’s existing 230MW capacity to 750MW. An upgraded 172MW unit 2 has already been delivered and a 227MW unit will be delivered in 2001.

By 2002 it is anticipated that a 320MW unit will also be installed to complete the project.