In a statement, the company said it already obtained the approval of the Securities and Exchange Commission (SEC) to raise its authorized capital stock to P500 million from P100 million.
The company said that, with the rise in capital stock, it could now begin the Montelago geothermal power project in the barangays of Montelago, Montemayor and Melgar-B in Naujan, Oriental Mindoro and will supply 20 MWe to Occidental Mindoro Electric Cooperative (Ormeco).
The Department of Energy earlier granted a geothermal renewable energy service contract to EPI, which would start drilling by the third quarter of this year and begin providing electricity by mid-2016.
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