Renewable-energy (RE) provider Emerging Power Inc. (EPI) and Orka Energy Inc. will jointly develop a geothermal- power project in Biliran.
“We are quickly expanding our RE portfolio. Orka’s expertise will help us in our mission to supply clean energy and provide plenty of job opportunities for the people of Biliran,” EPI Chairman Antonio Martin Zamora said.
Both signed an agreement that effectively gave EPI a 60-percent controlling interest in Biliran Geothermal Inc. (BGI), which has a 25-year geothermal RE contract covering 260 square kilometers in the province of Biliran.
BGI 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 shows that another estimated 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,” Orka CEO Eirikur Bragason said.
Orka Energy is owned by Chandler Corp., a private investment group that invests globally across a range of industries, including energy, financial services, consumer and health care.
The core team of Orka Energy has developed 1,500 MW of geothermal power into operation in the last 30 years. EPI, meanwhile, is majority owned by Nickel Asia Corp. (NAC), one of the country’s biggest mining firms.
NAC earlier said it would guarantee the loan facility of EPI for up to P3 billion over a three-year period to finance EPI’s RE projects.
EPI is also putting up a 40-MW geothermal-power company in Oriental Mindoro; a 100-MW solar and wind project in Subic; a 30-MW Hybrid (Solar, Bunker) project in Palawan; a 10-MW solar project in Camarines Sur; and a 2.5-MW biogas project in Quezon province.