Emerging Power, Inc. (EPI) secures fund for renewable projects
Nickel Asia Corporation has announced it is investing P2.16 billion (around US$46 million) in projects of its renewable energy unit Emerging Power, Inc. (EPI).
Particularly the company may inject P660 million (around US$14 million) of equity to its 66 percent-owned subsidiary, as well as provide a P1.5 billion (around US$32 million) three-year term loan.
These funds, together with bank financing at the project company level, will complete EPI projects of 105 megawatt (MW) lined up for 2016.
Funds will be used for its 100 MW solar farm project located at the Subic Bay Freeport, 110 kilometers north of Manila.
The 100 MW solar project, slated to be one of the country’s largest, is expected to be completed at a total project cost of close to P8 billion (around US$171 million).
The funds will also be 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 (around US$17 million).
Country news
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April 12, 2016
Bidders line-up for Chevron geothermal assets
French power and gas group Engie and Japan's Marubeni have plans to bid for the Chevron Corp's Asian geothermal energy blocks located in Indonesia and Philippines. Read more -
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ADB, JICA establish $1.5 billion fund to invest in private infrastructure
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March 02, 2016
ADB backs first Climate Bond in Asia in landmark US$225 million Philippines deal
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February 05, 2016
Alternergy announces wind farm investment
Alternergy Wind One Corp plans to expand its investments in wind energy in Philippines, after launching a wind farm in Pililla, Rizal with a capacity to produce 54 MW. Read more -
January 15, 2016
Meralco and EGCO reach financial close for San Buenaventura coal-fired power project
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