Nickel Asia Corporation, the country’s top nickel miner, is raising its stake in renewable energy subsidiary Emerging Power Inc. to 91 percent from 66 percent through the conversion of a P1.5 billion loan into equity.
Last year, Nickel Asia infused P660 million in additional equity into EPI together with the extension of a P1.5 billion three-year term loan.
These funds, together with bank financing at the project company level, was meant to complete EPI projects of 105 Megawatt (MW) lined up for 2016.
The funds were also used for the development of the first geothermal power plant with a capacity of 5 MW under its 60 percent-owned subsidiary, Biliran Geothermal, Inc. (BGI). The total project cost is estimated at about P800 million.
Seven holes have previously been drilled in the Biliran geothermal field by its 40% partner in BGI, all of which exhibit the required temperatures for the production of geothermal power.
The development of additional plants and required infrastructure, as well as further drilling of this potentially large geothermal field, is currently under study.
From the Global Geothermal News archives:
- Monday, April 18, 2016 - Philippines: More Funding for Biliran Geothermal Power Project
- Monday, November 2, 2015 - Philippines: Nickel Asia Corp Confirms as Majority Equity Holder in Emerging Power, Inc.
- Thursday, August 27, 2015 - Philippines: New Owners of Biliran Geothermal Project
