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MAGMA POWER CO. SIGNS AGREEMENT TO BUILD AND OPERATE 231 MW GEOTHERMAL POWER PLANT IN THE PHILIPPINES

 SAN DIEGO, Sept. 23 /PRNewswire/ -- Magma Power Co. (NASDAQ: MGMA) today announced that it has reached an agreement with the Philippine National Oil Company-Energy Development Corp. (PNOC) to build and operate a 231 MW (216 MW net) geothermal power plant on the Philippine island of Leyte.
 The power plant will be built in two phases, with the first phase consisting of 77 MW (72 MW net) scheduled for startup in July of 1996 and the second phase adding an additional 154 MW (144 MW net) for start up in July 1997. The project will be built under a "build, operate and transfer" (BOT) contract. Magma will build and operate the plant utilizing steam supplied by PNOC. Ownership of the plant will transfer to PNOC 10 years after commencement of commercial operation of the second phase.
 Paul M. Pankratz, Magma's chairman and chief executive officer, stated, "We are pleased to be participating in the geothermal developments in the Philippines to help meet the county's need for new generating capacity. Magma is committed to growing its geothermal power business through investments in the international markets and this agreement in the Philippines marks an important first step."
 This agreement incorporates the 70 MW Philippine project announced earlier this year by Magma Power. The development of the project is subject to a number of conditions, including the arrangement of financing.
 Magma operates seven geothermal power plants in Southern California on geothermal leaseholds and fee interests held by the company, and holds additional geothermal leasehold and fee interests in other parts of California and Nevada.
 -0- 9/23/93
 /CONTACT: Investor Relations, 619-622-7800/
 (MGMA)


CO: Magma Power Co. ST: California IN: OIL SU:

NY-LM -- SD001 -- 5028 09/23/93 08:01 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
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