Nickel Asia Corp., one of the world’s largest producer of lateritic nickel, said its board has approved additional capital in its renewable energy subsidiary amid calls for cleaner sources of power.
The nickel miner and exporter will infuse an additional P2.92 billion into Emerging Power Inc. through the purchase of additional shares in the power firm.
The additional investment will raise Nickel Asia’s stake in Emerging Power to 95.8 percent from 86.3 percent currently.
Nickel Asia said Emerging Power will use the new capital for operations; operating expenses of the power company’s affiliate Biliran Geothermal and subsidiary Mindoro Geothermal Power Corp.; investments in the projects of its other subsidiaries; and its investments in Greenlight Renewables Holdings, Inc., its joint venture with Shell Overseas Investments B.V.
Emerging Power has increasing investments in cleaner energy including solar, wind, and geothermal. it is bullish on the prospects of cleaner energy sources as governments around the world are turning to renewable energy in response to the climate change and global energy challenges.
It now operates a 100-megawatt solar farm in Mt. Sta. Rita in the Subic Bay Freeport Zone in Zambales with a 230-kilovolt-transmission line under subsidiary Jobin SQM, Inc. It also recently secured a second 100-MW service contract with the DOE for the Mt. Sta. Rita site.
The company is looking to produce power from geothermal projects in Mindoro and Biliran around 20-MW and 50-MW, respectively.
