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).