By Juzel L. Danganan
MANILA, April 25 (PNA) — Emerging Power Inc. (EPI) has tapped Iceland Drilling Corp. (IDC) as the drilling contractor for its 40-megawatt (MW) Montelago Geothermal Power Project in Naujan, Oriental Mindoro.
“We are tapping IDC to ensure a technically superior work in our 40-MW geothermal project in Oriental Mindoro,” EPI chairman Martin Antonio G. Zamora said in a statement.
Zamora, who is also the senior vice president (SVP) for marketing and strategic planning of Nickel Asia Corp. (NAC), said IDC will start the drilling operations for the first exploration well on July 15.
EPI and IDC signed the contract deal on April 20, which tasks IDC to drill two to 12 wells for the Montelago geothermal plant.
IDC was chosen after a six month process. EPI said IDC was awarded the contract due to its rig matching the technical capability of the drilling requirements.
IDC will use a Geysir Drillmect HH-20SS equipment, which uses a trailer mounted, fast moving, automatic, hydraulic rotary drilling rig with a drilling depth capability of 4,000 meters.
It was also used in EPI’s Biliran geothermal project.
EPI said the project would cost USD 185 million.
EPI noted that local listed NIA recently approved the conversion of its Php 446-million loan to EPI into equity. With the conversion, Nickel Asia will own 55 percent of EPI.
It also plans to invest another Php 474 million in EPI, which will further increase its stake in EPI to 66 percent.
EPI is a local renewable energy company, utilizing power from earth, wind and fire. (PNA)