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, first announced in May 2024, now requires MGPC to settle a $120,000 (approximately 6.9 million) financial obligation within 30 days.
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, first announced in May 2024, now requires MGPC to settle a $120,000 (approximately 6.9 million) financial obligation within 30 days.
