Out of the five projects Geoenergy is to acquire, the most advanced project is the Mabini geothermal project, in southern Luzon, where the company is initially targeting a 20 MW development. Geoenergy is planning to drill the first test well into Mabini within the next 12 to 18 months.

Geoenergy intends to conduct explorations at the other four project sites, also located in the southern Luzon region, once they are granted approval by the Philippines Department of Energy.

Of the new acquisitions, a New World Energy company spokesperson said that together, the five projects will underpin New World Energy's strategy of building a portfolio of geothermal projects in the Asian ‘ring of fire’ region, which hosts over 30 per cent of the world's geothermal electricity production.