RE developer raises authorized capital stock

Renewable energy developer Emerging Power Inc. (EPI) will boost its ability to raise funds, by raising its authorized capital stock, for its geothermal project in Mindoro.

In a statement, the company said it already obtained the approval of the Securities and Exchange Commission (SEC) to raise its authorized capital stock to P500 million from P100 million.

The company said that, with the rise in capital stock, it could now begin the Montelago geothermal power project in Naujan, Oriental Mindoro.

The Department of Energy earlier granted a geothermal renewable energy service contract to EPI, which would start drilling by the third quarter of this year and begin providing electricity by mid-2016.

The geothermal project in Barangay Montelago, Montemayor and Melgar B in Naujan will provide 40 megawatts (MW) of power, with Oriental Mindoro and Occidental Mindoro each receiving 20 MW, EPI CEO Dennis Zamora said.

Geothermal energy worldwide is a preferred source of renewable energy for its favorable socioeconomic and environmental impact.

The Philippines is host to 10 geothermal power plants and ranks second only to the United States in worldwide production. It is also the world’s largest consumer of electricity from geothermal sources.

“EPI’s move to energize the entire island with geothermal energy will help make Mindoro the green capital of the Philippines,” Oriental Mindoro Rep. Reynaldo Umali said.