Emerging Power prepares for loan to equity conversion by Nickel Asia
Mindoro from a mountain top (Source: Flickr, CC, By: Dylan Walters - Above the clouds)
Francisco Rojas
2 Jul 2015
Interaksyon: "Shareholders of Emerging Power have approved an increase in its authorized capital stocks from P500 million (USD $ 11m) to P2.4 billion (USD $53m)"
In a recent news release, shareholders of Emerging Power, Inc., a renewable energy company in the Philippines have approved an increase in its authorized capital stocks from P500 million (USD $ 11m) to P2.4 billion (USD $53m).
In a statement, Emerging Power 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 P446 million (USD $9,9m) 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 P8-billion (USD $180m) geothermal project is expected to be on stream by the end of 2016 or early 2017.
Emerging Power said it planned to acquire other renewable energy projects, which are not limited to geothermal power plants.
For more details follow the link.
Source: Interaksyon
