By Juzel L. Danganan
MANILA, June 30 (PNA) – Shareholders of Emerging Power, Inc. (EPI), a renewable energy company, have approved an increase in its authorized capital stocks from Php 500 million to Php 2.4 billion.
In a statement, EPI Chairman Martin Antonio G. Zamora said the hike would allow the firm to accommodate additional equity from Nickel Asia Corp., which decided to convert its Php 446 million loan to equity to support the 40-megawatt (MW) geothermal project in Mindoro.
It also allows Nickel Asia ownership of the renewable energy company’s 55 percent stake.
The Php 8-billion geothermal project is expected to be on stream by the end of 2016 or early 2017.
EPI added it planned to acquire other renewable energy projects, which are not limited to geothermal power plants.
Aside from the 40-MW geothermal project, EPI is fast-tracking a 10-MW solar project in Camarines Sur, a 2.5-MW biogas project in Quezon, and a 10-MW solar and bunker hybrid project in Northern Palawan. (PNA)