The board of directors of Nickel Asia Corp. has approved an additional investment of Php2.92 billion for its subsidiary Emerging Power, Inc. (EPI).
In a disclosure to the Philippine Stock Exchange (PSE), Nickel Asia said that the additional investments will fund EPI’s operations, as well as the operating expenses of affiliate Biliran Geothermal Inc., and unit Mindoro Geothermal Power Corp.
The additional investments will also fund EPI’s investments in the projects of its other subsidiaries, including Greenlight Renewables Holdings, Inc., a joint venture between EPI and Shell Overseas Investments B.V.
By 2028, Greenlight Renewables intends to operate at a capacity of roughly 1,000 megawatts.
With the additional investment, Nickel Asia’s investment in EPI will increase to 95.8%.