Emerging Power Inc. (CEO), the renewable energy (RE) subsidiary of Nickel Asia Corp., intends to launch 650 megawatts (MW) of projects in collaboration with Shell Overseas Investments B.V. by 2025.
In a report by the Philippine Star, EPI CEO Ronaldo Ibasco said that the collaboration with Shell is on track to achieve the target of a one-gigawatt (GW) capacity by 2028.
The partners, under joint venture Greenlight Renewables Holdings Inc., will be launching a 2×120-MW or 240-MW solar farm in Leyte.
The project is in the pre-development stage, with plans to complete it by the fourth quarter of 2024.
The first 120-MW phase of the solar plant is expected to begin commercial operations in the first quarter of 2025.
Ibasco mentioned that for the Leyte solar project, they have taken significant steps to reduce risks. This includes converting the land into industrial land and obtaining the necessary approval from the National Grid Corporation of the Philippines (NGCP) to establish a connection.
Ibasco affirms that they are constantly adding new projects to their pipeline and are optimistic about achieving their future targets.
Greenlight Renewables aims to develop and maintain large-scale solar and wind power projects, as well as battery energy storage systems in the Philippines.
Meanwhile, EPI is developing a 72-MW expansion of its Jobin-SQM Inc. (JSI) solar farm in Subic, Zambales, which is the fourth phase of expansion.
This will increase the total capacity of the project to 172 MW. The expansion is expected to be completed in the third quarter, with commercial operations beginning in the fourth quarter of the year
Moreover, EPI is currently in the pre-development stage for its 130-MW solar project in Cawag, Subic. Construction is set to begin in the first quarter of 2024, with the aim of completing it by the fourth quarter of the same year.
In January, Nickel Asia Corp. (NAC) announced an investment of P2.92 billion in its renewable energy subsidiary, EPI, through the subscription of additional common shares.
This additional investment will raise NAC’s equity ownership in EPI to 95.8%.
Proceeds will be utilized for EPI’s operations and the operating expenses of its affiliates Biliran Geothermal Inc. and Mindoro Geothermal Power Corp. Once expanded, these geothermal projects have the potential to produce 20 MW and 50 MW of energy, respectively.
The investment will also support EPI’s subsidiaries and Greenlight Renewables.
