The Department of Energy (DOE) has terminated the geothermal renewable energy service contract of Mindoro Geothermal Power Corporation (MGPC) for its Montelago geothermal project in Oriental Mindoro, citing failure to comply with its work program.
MGPC, a wholly-owned subsidiary of Emerging Power Inc. (EPI), a unit of listed Nickel Asia Corp., was notified of the final and irrevocable termination on Oct. 13, 2025, in a letter dated Oct. 8, 2025.
The DOE directed MGPC to settle $120,000 for training assistance within 30 days of receipt of the letter.
“The DOE cited MGPC’s failure to comply with the required milestones as stipulated in approved five-Year Work Program of the project,” Nickel Asia said in a disclosure to the Philippine Stock Exchange.
“MGPC will settle the financial obligation within the period required by the DOE stated in the letter,” it said.
Nickel Asia said the termination and payment of the financial obligation would not have a material impact on the company’s financial situation, adding that it had already fully provided for the impairment of its investment in EPI in relation to EPI’s investment in MGPC.
