Zamora firm acquires stake in Biliran geothermal project

Zamora-led firm Emerging Power, Inc. (EPI) is acquiring 60 percent stake in the proposed Biliran geothermal project with potential capacity of 100 megawatts.

The deal was inked with global investment firm Orka Energy, which will then be the partner in the development of the geothermal facility. The project’s corporate vehicle is the Biliran Geothermal, Inc.

In a statement to the media, EPI said that the deal entered into with Orka Energy “would eventually give EPI 60% ownership of BGI subject to the approval of regulatory bodies.” The statement did not mention the acquisition cost.

BGI holds the 25-year service contract covering the Biliran geothermal prospect. It lies on a 260-square kilometer concession area in Biliran province.

At this stage, the project firm has reported that it already “successfully completed the drilling of eight wells in the southern portion of the concession area.”

The planned capacity is for 100-MW; but it was similarly stipulated that an estimated 170MW could be developed in the northern part of the concession area.

According to EPI chairman Antonio Martin Zamora, this acquisition in a project corporate vehicle will form part of their company’s expansion of its renewable energy portfolio.

He added “Orka’s expertise will help us in our mission to supply clean energy and provide plenty of job opportunities for the people of Biliran.”

For his part, Orka chief executive officer Eirikur Bragason has emphasized that being partners, both companies “share the same vision”, which is about harnessing geothermal energy as a cleaner option not only for the Philippines but expectantly in other parts of Asia also.

EPI is majority-controlled by Nickel Asia Corporation, which is one of the country’s biggest mining firms; while Orka Energy is owned by global private investment group Chandler Corporation.