Geysir is involved in the development of geothermal power projects in the Philippines. The development activities are executed through Geysir's subsidiary Envent. The most advanced project is on the island of Biliran, which has potential of more than 100 MW. Electricity from the Biliran steam field will be feed into the Visayas grid, which is one of three grid systems in the Philippines and has capacity of approximately 10.000 MW.
PROGRESS TO DATE
Surface exploration at Biliran started in 2008 to establish a geothermal resource model for most of the island. Surface explorations comprised of geological, geochemical and geophysical surveying, including MT and TEM surveys. If results indicate a promising resource, the company will proceed with exploratory drilling to start up an initial phase of 50 MWs. Biliran Power Corporation, wholly owned by Envent, will then be established to purchase BGI's steam and generate electricity from it. This project will be online in 3 to 5 years, but Envent has more projects under development and aims to establish itself in this mature geothermal market.
Power Purchase Agreements (PPAs) have been completed with six electric cooperatives, which commits 40 MW of the Biliran plant's capacity at a price between USD 100 and USD 113 per MWh. The value of the contracts over their 10-year term is between USD 300 million and USD 338 million.
The baseload electricity will come from Envent's 50 MW Biliran Unit 1 geothermal power plant, which is scheduled to come online in 2012 on the Biliran Island in the Visayas region of the Philippines. The remaining 10 MW capacity will be offered to the six off-takers, and a portion left for the upcoming Wholesale Electricity Spot Market (WESM) in the Visayas region. Following a final feasibility study will the project will be able to move over to financing, so that construction could start as early as 2010.
In February 2010, Biliran Geothermal Incorporated (BGI), the project execution company, signed a new contract with the Philippine Department of Energy (DOE). 
With the new contract, BGI will be able to take advantage of the ground-breaking Philippine Renewable Energy Act that was passed December 16, 2008. Advantages include various fiscal incentives such as income tax exemption for the first seven years of commercial operations and special tax rates on equipment and machinery.
HISTORY
The Biliran steam field was originally explored in 1982. Because of capital limitations and the availability of more attractive development targets, the previous developer assigned a lower priority to the project and eventually returned its license to develop the area to the Philippine Department of Energy (DOE). Envent has since July 2008 worked on an exploration program in the area extending and verifying selected research activates from the 1982 program.
MANAGEMENT
Gudmundur F. Sigurjonsson is Chief Executive of Envent. Geysir holds an 75% interest in Envent, with fellow Icelandic geothermal firm Reykjavik Energy Invest holding the remaining 25% share.