Emerging Power plans drilling for Montelago project in Q3 2014
Oriental Mindoro, Philippines (source: flickr/ Welcome to my B&B, creative commons)
Alexander Richter
22 Mar 2014
Philippines based developer Emerging Power Inc. announces authorization for capital stock increase to $11 million and announces plans to start drilling for its Montelago project in the third quarter of 2014.
Philippines-based Emerging Power Inc. (EPI) has obtained the approval of the Securities and Exchange Commission (SEC) to raise its authorized capital stock to P500 million ($11 million). At the same time the company indicates a drilling start for its Montelago geothermal project for the third quarter of this year.
The SEC approval came even as EPI’s $180-million Montelago geothermal power-plant project in Naujan, Oriental Mindoro, approached the drilling stage.
Dennis Zamora, EPI chief executive officer, said this development was a boost to EPI’s already solid position to follow through toward the completion of the geothermal project in barangays Montelago, Montemayor and Melgar B in Naujan.
“We affirm our commitment to the people of Mindoro and the rest of the country by seeing to it that we will establish and operate the Montelago geothermal power plant, and will deliver on our resolve to offer green energy at a lower rate,” Zamora said.
The project will provide 40 megawatts of power, with Oriental Mindoro and Occidental Mindoro each receiving 20 MW.
The Department of Energy earlier granted a geothermal renewable-energy service contract to EPI, which expects to drill by the third quarter of this year and will start providing electricity by mid-2016.
EPI has also signed power supply agreements (PSAs) with Oriental Mindoro Electric Cooperative (Ormeco) and Occidental Mindoro Electric Cooperative (Omeco), which evoked much optimism and hope among Mindoreños in view of recent power outages on the island, the company said.”
Source: Business Mirror
