Nickel Asia Corp. said Monday its board approved an additional equity contribution of P660 million to its 66-percent-owned renewable energy subsidiary Emerging Power Inc.
The board also approved a separate P1.5-billion three-year term loan to be provided by the listed firm.
Nickel Asia said part of the funds would also be used for the development of the first geothermal power plant with a capacity of 5 MW under 60-percent-owned subsidiary Biliran Geothermal Inc. The total project cost is estimated at P800 million.
It said seven holes were drilled in the Biliran geothermal field by 40-percent partner Orka Energy of Iceland, all of which exhibited the required temperatures for the production of geothermal power.
The development of additional plants and required infrastructure and further drilling of the potentially large geothermal field is currently under study.