Montelago project secures equity part for production financing
The Montelago geothermal project in Occidental Mindoro has increased to a range of 28-30 MW of power over a 25-year period.
Nickel Asia said the resource of the Montelago geothermal project in Occidental Mindoro has increased to a range of 28-30 megawatts (MW) of power over a 25-year period, citing a new Volumetric Assessment Report from Iceland Geosurvey following the results of the drilling of two slim wells that have been completed recently.
Iceland Geosurvey is the consultant to the project’s proponent Emerging Power, Inc. (EPI), where Nickel Asia has a 55% stake after securing board approval to convert its P446-million loan to the renewable energy firm into equity.
The resource can expand with further drilling, Nickel Asia said.
Likewise, Nickel Asia obtained the green light from the board to invest an additional P474 million in EPI that will increase the company’s ownership to 66%.