Geothermal handbook: PlanninG and Financing power Generation t e c h n I c a L r e p o r t 2 / 2

in the Philippines
, the central role in geothermal development for many years belonged to a 
subsidiary of the Philippine National Oil Corporation, called Energy Development Corporation (PNOC 
EDC) until its privatization in 2007. The latter company, now called just EDC, is in charge of PNOC 
EDC’s former operations in the Philippines’ increasingly liberalized electricity market. PNOC EDC has 
a long history and has been studied as an example of a national champion company with impressive 
results achieved over the years (Box 3.1). 
C h a p t e r 3
46
Among the developed countries that have added substantial geothermal power capacity in recent decades, Iceland stands out. In the 
case of Iceland, the leadership role as a developer has been shared by the state power company and the private drilling companies, while 
the leadership in research and exploration has belonged to the National Energy Authority and, since 2003, the government-owned institution 
named the Iceland GeoSurvey (Islenskar Orkurannsoknir) or ÍSOR.

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G e o t h e r m a l H a n d b o o k : P l a n n i n g a n d F i n a n c i n g P o w e r G e n e r a t i o n 
A wholly government owned and controlled corporation, PNOC EDC’s experience in financing of 
geothermal exploration and development projects made it an appropriate counterpart for ODA. Over 
the years, PNOC EDC received a number of loans from the World Bank and the Japan Bank for 
International Cooperation to finance geothermal projects.