Philippines: Nickel Asia Corp Confirms as Majority Equity Holder in Emerging Power, Inc.

BOI okays Nickel Asia’s equity purchase in Biliran geothermal (Manila Bulletin)

The Board of Investments (BOI) under the Department of Trade and Industry has given go-signal to Nickel Asia Corporation’s (NAC) equity purchase in the planned 100-megawatt Biliran geothermal power project.

The transaction involving NAC will change the ownership structure of the Biliran Geothermal, Inc. (BGI), the project’s corporate vehicle.

Effectively, NAC is the majority equity holder in Emerging Power, Inc. (EPI), which currently is the major investor in the Biliran geothermal venture with 60-percent stake.

From a targeted capacity of 100 MW, EPI has further indicated that initial research also shows “another estimated 170 MW could be developed in the northern part of the concession area.”

The company said it already completed drilling of at least eight wells in the southern portion of its awarded service area.

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