MANILA, Aug. 14 (PNA) – The Subic Bay Metropolitan Authority (SBMA) has backed the acquisition of Jobin-Sqm, Inc. (JSI) by Emerging Power Inc. (EPI), a Nickel Asia Corporation led company.
”SBMA approved EPI’s acquisition of a 90% stake in local company Jobin Sqm, Inc. (JSI) as EPI expands its green energy operations from geothermal to solar and wind power,” the company said in a statement.
JSI holds service contracts for a 100 megawatt (MW) solar and a 50-MW wind project. It targets to complete construction by June 2016.
NAC noted it has earmarked USD 60 million for the acquisition of JSI and the development of phase 1, a 25-MW solar farm.
On March, JSI’s feasibility report for the USD 200-million project came with favorable results with the site’s resource confirmation for a 100-MW solar facility. It is expected to lower coal consumption by 44,300 tons per year.
Antonio Martin Zamora, EPI chairman, said the project will spark progress and growth to Subic’s residents.
Last year, JSI president Nancy Tan had signed a 50-year lease agreement with SBMA chairman Roberto Garcia for the location of the combined project in an 800-hectare property in Mt. Sta Maria, which is near Olongapo City.
Aside from the 150-MW project, EPI is also building a 40-MW geothermal power plant in Oriental Mindoro, 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)