Emerging Power, Iceland firm in geothermal venture in Leyte

MANILA, Philippines - Filipino-owned renewable energy company Emerging Power Inc. (EPI) has partnered with Orka Energy of Iceland to jointly develop a geothermal power project in Biliran, Leyte as part of its plans to expand its green energy operations.

In a statement yesterday, EPI said it signed an agreement with Orka Energy, which would eventually give it 60 percent ownership of Biliran Geothermal Inc. (BGI) subject to the approval of regulatory bodies.

In 2012, Orka Energy bought into the BGI, which has a 25-year geothermal RE contract covering 260 square kilometers in the province of Biliran.

The firm has successfully completed drilling eight wells in the southern portion of the concession area, which is estimated to supply 100-megawatts (MW) of power to the grid.

Meanwhile, initial research shows that another estimated 170 MW could be developed in the northern part of the concession area.

 “We are quickly expanding our Renewable Energy portfolio. Orka’s expertise will help us in our mission to supply clean energy and provide plenty of job opportunities for the people of Biliran,” EPI chairman Antonio Martin Zamora said.

Orka Energy is owned by the Chandler Corp., a private investment group that invests globally across a range of industries, including energy, financial services, consumer, and healthcare.

Currently, Orka Energy has developed 1500 MW of geothermal power into operation in the last 30 years.

“Orka Energy and EPI share the same vision: harnessing geothermal energy to meet Asia’s demand for cleaner, sustainable energy. We look forward to working with EPI on the Biliran Project to create long-term value for all stakeholders, and to responsibly and sustainably power homes, communities, and businesses across the Philippines,” said Orka CEO Eirikur Bragason.

EPI is majority owned by listed Nickel Asia Corp. (NAC), one of the country’s biggest mining firms, which will guarantee the loan facility of the power firm for up to P3 billion over a three-year period to finance its RE projects.

Aside from BGI, EPI is also putting up a 40-megawatt (MW) geothermal power company in Oriental Mindoro, a 100-MW solar and wind project in Subic, Zambales, a 30-MW solar and bunker hybrid project in Palawan, a 10-MW solar project in Camarines Sur and a 2.5-MW biogas project in Quezon province.