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Emerging Power, Inc. (EPI), the renewable energy (RE) arm of Nickel Asia Corp. (NAC), has secured a loan from Rizal Commercial Banking Corp. (RCBC) to fund its solar project in Zambales.
In a statement on Friday, March 7, EPI announced that it secured a ₱5.175-billion finance senior term loan to support the development of the 145 megawatt-peak (MWp) Cawag Solar Power Project.
Located in Barangay Cawag, Redondo Peninsula, Subic Freeport, Zambales, the Cawag solar project is expected to provide clean energy to approximately 90,000 households.
Upon completion, the project could also reduce greenhouse gas emissions by up to 200,000 metric tons annually, equivalent to the emissions of 42,000 cars.
Roy S. Fernandez, EPI president and chief executive officer, stated that the project will create at least 500 jobs during its construction and operational phases.
“More than reinforcing our commitment to scaling up clean energy, the project plays a critical role in helping EPI reach its goal of generating 1 gigawatt (GW) of attributable capacity by 2028, alongside other major projects such as the Sta. Rita Solar and Subic New PV power,” he said.
Elizabeth Coronel, RCBC executive vice president and institutional banking group head, emphasized the bank’s interest in a long-term partnership with NAC and EPI for future RE projects.
“RCBC has been funding RE projects for about 14 years now. We have supported approximately 3 GW of renewable energy here and in the region,” she said.
EPI reported that RCBC Capital Corporation and RCBC served as the arranger, facility agent, and security trustee for the loan.
Romulo Mabanta Buenaventura Sayoc & De Los Angeles (Romulo) acted as the lender’s counsel, while Martinez Vergara & Gonzalez Sociedad (MVGS) served as the borrower’s counsel.
Technical advisory services were provided by Black & Veatch, and Marsh Philippines Inc. served as the insurance advisor.
Martin Antonio Zamora, NAC president, highlighted Nickel Asia’s diversification from a mining company into a diversified natural resources enterprise.
He assured that the group will continue to pursue both mining and RE initiatives.
In addition to solar projects, EPI is developing and exploring various clean energy projects, including geothermal, wind, run-of-river hydroelectricity, and battery storage.
EPI aims to develop an additional 1,589 MW of solar, wind, battery storage, and hydrothermal projects within the next three years.
