EPI now controls BGI. Emerging Power Inc. (EPI), which is majority owned by listed miner Nickel Asia Corp. (NAC), is set to get control of the Biliran Geothermal Inc. project in Eastern Visayas region.
Biliran Geothermal site located at Sitio Pulang Yuta, Brgy. Cabibihan, Caibiran, Biliran Province.
Biliran Geothermal, Inc. (BGI) has a 25-year geothermal renewable energy contract covering an area of 260 square kilometers in the island-province of Biliran, which used to be a sub-province of Leyte.
An agreement between EPI and Orka Energy Holding Ehf of Iceland stated that EPI would eventually get 60 percent ownership of the project vehicle Biliran Geothermal Inc. (BGI).
Biliran Geothermal, Inc. has successfully completed drilling eight wells in the southern portion of the concession area, which is estimated to supply 100-megawatts (MW) of power to the grid. Initial research showed that another 170 MW could be developed in the northern part of the concession area.
“Orka Energy and EPI share the same vision: harnessing geothermal energy to meet Asia’s demand for cleaner, sustainable energy. We look forward to working with EPI on the Biliran Project to create long-term value for all stakeholders, and to responsibly and sustainably power homes, communities, and businesses across the Philippines,”
Nickel Asia Corp. (NAC), is one of the country’s biggest mining firms.