Icelandic company, Geysir Green Energy, announced that they had increased their holdings in Envent Holding Philippines to 80% from their previous 50% share. Envent Holding’s primary engagement in the Philippines is a geothermal joint venture with Filtech Energy Drilling corp in Biliran Geothermal Inc (BGI). BGI had been granted last year a contract for geothermal exploration in Biliran in the Eastern part of the Visayas by the Philippine Department of Energy.
Envent Holdings other investor is Reykjavik Energy Invest. They are Reykjavik Energy’s international business development and investment subsidiary. Reykjavik Energy provides geothermal based energy to Iceland’s grid.
According to a report by the Renewable Energy Coalition, the Philippines has a potential geothermal capacity of 4,531 MW. Currently, only 12% of the Philippines Total Energy Capacity is supplied by Geothermal Power.
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