Zamora-led Nickel Asia goes full blast on clean energy development
Nickel Asia Corp. of businessman Manny Zamora approved the infusion of P660 million in fresh equity million to its 66 percent owned -owned renewable energy subsidiary.
It also approved the grant of a P1.5 billion three-year loan to Emerging Power Inc. (EPI).
“These funds, together with bank financing at the project company level, will complete EPI projects of 105 megawatts lined up for this year.
The fund raising comes after its fully owned subsidiary, Jobin-SQM, Inc. successfully energized 7 MW of solar power and is expected to start trading this week.
This represents the first phase of its 100 MW solar farm project located at the Subic Bay Freeport.
The balance of 93 MW is targeted for completion within the year.
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.
The service contract also includes a 50 MW wind farm, which is scheduled for development in 2017.
The fresh 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 unit Biliran Geothermal, Inc. The total project cost is estimated at about P800 million.
Seven holes have previously been drilled in the Biliran geothermal field by its 40 percent partner, 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.
“We have gained a lot of momentum in the past year especially in our Subic project and also in the other areas. EPI is determined to develop all of these clean energy projects in the soonest possible time,” said Gerard H. Brimo, president and CEO of Nickel Asia.