In a statement yesterday, Nickel Asia unit Emerging Power, Inc. (EPI) and Icelandic company Orka Energy announced the signing of an agreement last Monday that would “eventually give EPI 60% ownership of Biliran Geothermal, Inc. (BGI) subject to the approval of regulatory bodies.”
BGI holds a 25-year geothermal energy contract that covers a 260-kilometer resource area in the province of Biliran. BGI already drilled eight wells in the southern part of the concession area, the companies said, noting that the site is estimated to supply about 100 MW of power to the grid. The northern portion is expected to generate another 170 MW once developed, according to the statement.
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