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In a briefing on Monday, Layug said Orka Energy acquired the stakes formerly held by Reykjavik EnergyInvest and Geysir Green Energy, of Iceland, in the Biliran project.
It is, however, unclear whether Orka acquired the maximum stake of 40 percent, the foreign ownership limit set by the law for energy projects in the country.
The local partner in the project is Filtech Energy Drilling Corp. (Fedco).
According to Layug, Orka Energy is planning to drill two to three exploration wells by next year to support the operations of its planned geothermal facility in Biliran, which was estimated to generate about 50 megawatts of power. Should these drillings yield positive results, the parties are expected to start commercial operations.
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