Emerging Power Inc. (EPI), the renewable energy subsidiary of Nickel Asia Corporation (NAC), has received regional recognition for the financing behind its 145-megawatt-peak (MWp) Cawag Solar Power Project in Subic Freeport, underscoring the growing role of bank-backed renewable energy investments in the Philippines.

The company’s Subic solar project was named Renewable Energy Deal of the Year – Solar (Highly Commended) for the Philippines at The Asset Triple A Awards Sustainable Infrastructure Finance Awards 202, recognizing the PHP 5.175-billion project finance senior term loan facility secured by Northern Palawan Power Generation Corporation for the project’s development and construction.

The award highlights the financing structure supporting one of the country’s utility-scale solar developments as the Philippines continues to expand renewable energy capacity to strengthen energy security and meet clean energy targets.

Once operational, the 145-MWp Cawag Solar Power Project is expected to supply electricity to more than 90,000 households and establishments while avoiding an estimated 132,000 metric tons of greenhouse gas emissions annually.

“This recognition reflects the collective efforts of our partners and stakeholders in advancing infrastructure projects that create long-term value for communities,” said Martin Antonio G. Zamora, President and CEO of NAC and EPI. “It strongly supports the country’s transition toward a future powered by green energy.”

EPI served as sponsor for the award-winning financing transaction. RCBC Capital Corporation acted as sole arranger, while Rizal Commercial Banking Corporation (RCBC) served as sole lender. Legal advisers for the transaction were Romulo Mabanta Buenaventura Sayoc & De Los Angeles and Martinez Vergara & Gonzalez Sociedad.

The Asset Triple A Awards, organized by Hong Kong-based financial publication The Asset, recognize outstanding transactions and institutions in banking, finance, and capital markets across Asia through an independent evaluation process.

EPI said it will continue expanding its renewable energy portfolio, including solar, wind, and geothermal projects, to support the country’s energy transition, strengthen domestic energy security, and contribute to broader sustainability goals.

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