Philippines:

Stock Offering Opens Up More Funds for Mindoro Geothermal Project (interaksyon.com)

Nickel Asia Corp. to take majority ownership

Shareholders of Emerging Power, Inc., a renewable energy company, have approved an increase in its authorized capital stocks from P500 million to P2.4 billion.

In a statement, Emerging Power chairman Martin Antonio G. Zamora said the hike would allow the firm to accommodate additional equity from Nickel Asia Corp., which decided to convert its P446 million loan to equity to support the 40 MW geothermal project in Mindoro.

It also allows Nickel Asia ownership of the renewable energy company’s 55 percent stake.

The P8-billion geothermal project is expected to be on stream by the end of 2016 or early 2017.

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