By Alena Mae S. Flores

Geysir Green Energy of Iceland has increased its ownership in Envent Holding Philippines, the holding company that owns the Biliran geothermal prospect in Eastern Visayas.

Geysir earlier increased its ownership in Envent to 80 percent from 50 percent. The stake of partner Reykjavik Energy Invest, fell to 20 percent from 50 percent.

Thor Gislason, Geysir chief technology officer, said the company?s decision to raise its stake in Envent reflected its commitment ?to taking advantage of the benefits that the new Renewable Energy Act has to offer.?

?These are interesting times in the Philippines for renewable energy. The new Renewable Energy Act is an important stepping stone for the power industry here and for the sustainability of the renewable power industry in the Philippines,? Gislason said.

Envent is working on several geothermal projects in the Philippines and has committed to contribute to the Philippine government?s target of an additional 1,200 megawatts of renewable energy by 2013.

Envent?s most advanced project in the Philippines is on Biliran island, Leyte.

The Biliran project is being executed through Envent?s associate company, Biliran Geothermal Inc. The project is progressing well with surface explorations scheduled to be completed in the second quarter this year.

Biliran Geothermal was established to undertake upstream geothermal development activities on the island of Biliran in the Eastern Visayas region.

Upstream geothermal activities include the exploration of geothermal areas, well field construction and the extraction of steam from the area.

The area covers 22,394 hectares with a target capacity of an initially 20 to 40 megawatts and an upside of up to 100 MW.

The company is owned by Filtech Energy Drilling Corp. and Envent Holding Philippines.