Nickel Asia Corp. (NAC) approved an additional investment of P2.92 billion in its renewable energy subsidiary, Emerging Power, Inc. (EPI) through a subscription to additional common shares.
In a disclosure to the Philippine Stock Exchange yesterday, NAC said EPI will utilize the additional investment for its operations as well as for the operating expenses of its affiliate, Biliran Geothermal Inc.
NAC added part of the investment will go to the operating expenses of another EPI subsidiary, Mindoro Geothermal Power Corp. aside from investments in the projects of its other subsidiaries investments including Greenlight Renewables Holdings, Inc., its joint venture with Shell Overseas Investments B.V..
With the said transaction, NAC’s equity ownership in EPI will increase to 95.8 percent.
