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Geysir Green Energy increasing stake in company in Philippines

Alexander Richter Alexander Richter 9 Feb 2009

As reported on the weekend, the split up of the assets of Icelandic ENEX between its owners, Reykjavik Energy Invest (REI) and Geysir Green Energy (GGE) also means the stake increase of GGE in the company Envent Power in the Philippines

As reported on the weekend, the split up of the assets of Icelandic ENEX between its owners, Reykjavik Energy Invest (REI) and Geysir Green Energy (GGE) also means the stake increase of GGE in the company Envent Power in the Philippines.

In a seperate press release the company provides a few details on the increase of the stake from 50 to 80%. The press release describes Envent as “currently working on several geothermal projects in the Philippines and is committed to contributing to the Philippine government’s target of an additional 1,200 MW of renewable energy by 2013. Envent’s most advanced project in the Philippines is on Biliran island, located in the central Philippines, close to the Eastern Visayas power grid system. The Biliran project is being executed through Envent’s associate company, Biliran Geothermal Incorporated. The project is currently progressing well with surface explorations scheduled to be completed in the second quarter of 2009.

Geysir’s increased ownership of Envent complements the recently issued Philippines Renewable Energy Act of 2008. The Act seeks to accelerate the exploration and development of renewable energy resources in the Philippines. For example, it promotes the purchase, grid connection and transmission of electricity generated from renewable energy sources, and provides incentives such as exemption from various taxes and duties to renewable energy developers in the country.”

Source: Company statement via biz.yahool.com