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Manila Bulletin devider Business devider The Stock Market devider DOE cancels deal for Montelago geothermal plant

DOE cancels deal for Montelago geothermal plant

Published Oct 15, 2025 03:32 pm
The Department of Energy (DOE) has terminated the service contract for the Montelago geothermal power project, scuttling the planned facility after citing the developer’s failure to meet certain targets.
In a disclosure to the Philippine Stock Exchange on Wednesday, Oct. 15, Nickel Asia Corp. (NAC) announced that its subsidiary, Mindoro Geothermal Power Corp. (MGPC), received a final and irrevocable termination from the DOE.
According to NAC, the termination was for the unit’s “failure to comply with the required milestones as stipulated in approved 5-Year Work Program of the Project.”
The termination, initially announced in May 2024, obligates MGPC to pay a $120,000 (approximately ₱6.9 million) remaining financial liability—a sum that must be settled irrespective of the contract’s cancellation.
NAC reported that it has “fully provided for the impairment of its investment” in Emerging Power, Inc. (EPI), MGPC’s parent company, in its audited financial statements for the year ended Dec. 31, 2024. The firm added that the termination of the service contract and the required payment will not significantly impact its financial situation.
The DOE grants service contracts to allow energy companies to explore, develop, and operate specific energy resources over a set period. Under its contract, MGPC was authorized to develop a 10-megawatt (MW) geothermal plant in Mindoro.
Energy Undersecretary Rowena Guevara earlier outlined the government’s loan-to-grant strategy for the project: funding would be provided as a loan for successful exploration but would convert into a grant if the project failed. Guevara noted the government is seeking new policy frameworks to attract more investment in geothermal energy and accelerate the development of low- to medium-geothermal resources.
The government's de-risking facility to support such projects is scheduled for implementation from 2026 to 2031.

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Department of Energy (DOE) Nickel Asia Corp. (NAC)
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